All right.

We are gonna go ahead and call the debt management uh meeting to order for today.

Um June 4, 2026 at 9 a.m.

We'll first start with the roll call.

Chair Kirk Pacter here.

Vice Chair Stewart is absent.

Commissioner Becker.

Here council councilman Churchill.

Here councilwoman Fielding.

Here councilwoman Jorgensen is absent.

Councilwoman Kelly.

Here Landa King.

Present.

Commissioner Naft is absent.

Dan Shaw.

Here.

Emily Stevens.

Okay, we still have a quorum.

Yes.

We should.

Is now exiting.

Councilman Richard Churchill.

Is now exiting.

Dude, get back on.

We need seven.

We have what do you mean we have seven?

Seven minus Churchill.

I thought we had eight to start with.

Karen was the last one.

One, two, three, four on the phone.

We had Kara.

Oh, for health.

Phones.

Good morning.

Karen Killing.

Thank you.

No.

Well, she has it.

Oh, jeez.

Oh.

She's now joining.

And is Karen is now joining.

I still see.

I think Karen just came in the church.

Can we unmute so we can tell?

Hello.

All right, just hang tight.

Don't hang up.

Uh, because we're trying to make sure we have a quorum.

Okay.

Karen Girlton is now joining.

Okay.

All right, thanks.

That's still we need Emily, right?

Oh, there's trying to find out.

Yeah, it's your stuff is on the agenda.

Can you still see baby?

Like I I try not to even meet every month for these reasons.

I don't have uh see.

Karen is from the group.

I think what's comes on the screen.

I heard words.

Can you take the mute off so we can see this?

So I have Kara Kelly, Councilwoman Kara Kelly on the phone.

I have Councilwoman Karen Fielding and then Councilman Churchill, correct?

Councilwoman Gieldy is here.

Okay.

Cara, are you here?

Whoops sorry, I thought it was unmuted.

Yes, Kara Kelly.

Here.

There's another number, 229.

So I think whose number is that.

Yeah, okay.

And then Churchill, you're on there, right?

325.

She's in the Emily's in the elevator.

Okay.

Clock in charge.

All right.

So we do have a quorum now.

Yes.

All right.

We'll first start by opening the public comment.

Have any uh comment by the public?

Seeing none on the phone, seeing none in person.

I'll go ahead and close the public comment and I will go to item number one, which is approval of the agenda.

And I would entertain a motion.

So I'll vote.

I have a motion by Commissioner Becker, a second by Dan Shaw.

Any discussion?

Seeing none.

All those in favor, please say aye.

Aye.

Aye.

Aye.

Item number two is approval of the minutes.

The minutes are from the May 7, 2026 meeting.

Do I have any comment or questions regarding the minutes?

See and then I'll entertain a motion for approval.

Oh, sure.

Okay, I have a motion by uh Dan Shaw, a second by Commissioner Becker.

Anyone opposed?

All those in favor, please say aye.

Aye.

Aye.

All right.

And that motion carries.

The next item is item number three is to approve, adopt, and authorize the chair to center resolution concerning a proposal to issue general obligation bonds for the Clark County School District.

So we'll let the school district up.

Morning.

Good morning, Commissioners.

Um Justin Dayhoff, Chief Financial Officer for the Clark County School District here today with Chief of Locke and Andy Artusa.

Excited and grateful for the opportunity to discuss our upcoming and issuance.

With that, I'll hand the table over to our financial advisor.

Great.

Thank you, everyone.

Andy Artusa, I'm the municipal advisor to the Clark County School District.

Before you is a proposal for 600 million in general obligation bonds to be issued by the Clark County School District.

The district has an ongoing capital improvement plan that goes out through March of 2035.

The district spends approximately 54 million dollars a month on construction projects.

And so the 600 million that you approved last year, we issued 400 million of that in September of last year.

And then the remaining 200 million was issued in March of this year.

And so we expect to be in a situation where we'll need bond proceeds again in October of this year.

And so the 600 million that we're talking about today will also be bifurcated into two issuances.

And that illustrates the coverage on the debt repayment of this particular issue along with the other bonds that are also paid from the district's 55.34 cents property tax rate.

So in essence, they're essentially retiring about 287 million dollars of debt service every year.

Adding on this new proposed issuance, like we talked about, the bifurcation.

This assumes on October issuance of this year and a June issuance of next year, level debt service 20-year term.

With all that said, oh, and also we've modeled those at 5%.

In the current market, the district can borrow closer to 4% for 20-year money.

And just to give you an example, the March issue, which we issued actually in February but closed in March, was done prior to the war breaking out and interest rate spiking.

They borrowed it at 3.64%.

So very low cost of capital for the district.

But assuming the 5% interest rate on the upcoming proposed issuance, you'll see that their coverage is close to, if not exceeding, two times, which is well above the one times required by the commission.

The other thing that's unique to the Clark County School District is illustrated on page 12.

When the legislature gave them the ability to continue this particular bond program with the revenue sources, they required a debt service reserve be put in place, and that's to protect the property tax rate to ensure that we never have any issues with that.

You'll also note that there is also the abatement law in place.

There's a significant amount of abatement that's built up as well, so they have that as a further cushion.

But this reserve requirement is unique to the Clark County School District.

And the reserve requirement is 25% of next year's debt service or 10% of outstanding par.

That's a lesser of test, so that particular amount is about 118 million dollars.

The district's reserve that they have currently taking out any pay as you go projects.

Now, this money is essentially being the legislation allows them to use it on a pay-to-go basis, and some projects don't make sense bonding for because they have a short useful life.

And under federal tax law, you need to match the useful life of the asset to the useful life or to the weighted average life of the bonds.

And so things like lighting improvements, turf replacements, playgrounds, security improvements to schools, all of those are being paid with cash and not being bonded for.

And so that's where we back out that number based on what we anticipate spending in this current fiscal year on those types of projects.

And so that high bond rating corresponds to a much lower borrowing cost for them and a low cost of capital for the district overall.

And so that you'll see that we have you know well above the reserve requirement required by NRS in this particular fund.

And I'll stop there to happily answer any questions.

Okay, does anybody on the phone have any questions?

No, I think anybody here have any questions.

So make me ask questions.

So one uh we do want that notice of when you actually go out to bond so that we have it on file, it's just good record keeping it.

Yeah, we'll provide a summary on each sale.

To know two, do you guys have a list of what you're gonna spend this money on?

I thought you would talk a little bit about the amount that you're spending today on the what it's costing just to keep some schools open.

Yeah, so on March 4th, we allocated what's called our early action plan.

So though it's not as exhaustive of the 600 will be used just for this, but the projects that we're currently underway with are a slew of elementary school, roof and HVACs.

Um, some of our secondary middle school high schools also roof and HVACs on the more capital large capital side, um, replacement schools of Cashman Middle School, Gibson Middle School, Las Vegas Academy, Southwest uh Career Technical Academy, and then probably into our next issuance, but still worthwhile to mention what some of these dollars are up to.

Um Bridger Middle School replacement, Chaparrell High School replacement.

Uh I usually hear more cheers around that one.

Um, Tommyyasu, Hyde Park, uh, and a new pre-K8 up in the northeast part of North Las Vegas for our new school location up there.

So that sounds like it's about 70% rehabilitation, right?

It's a good chunk of it, yeah.

Yeah, along on the Which is good, but we wanted right because the older schools were getting left behind.

Okay, and none of those schools are on your uh potential closure list, correct?

No, that was a crosswalk we did to make sure we're not spending dollars uh overnight.

Okay, so if you'll send me a copy of the list that they approved for myself, that would be great.

I try to track it.

Um one else has any questions to see that.

I just have one quick one, hasn't it?

You mentioned you have the abatement available to you.

How do you make that available to you?

So they would have to have a decline in um assessed valuation and a corresponding decline in a property tax bill, because as you know we have the three percent cap, and even though it only grows three percent, you there whatever is above that gets abated.

And so they have about 184 million dollars of tax abated.

So to the extent there was a large decline like there was during the Great Recession, that was taxed, the abate the actual uh tax bills could still rise, and that's what did happen, even though the assessed value went down and it actually helped the district during that time to be able to cover their debt service payments.

So just after hell freeze is over, that'll happen.

That's correct.

But the bonding people like it.

It just puts it back into the legislature's hands.

So uh I I would entertain uh a motion um for approval uh, but the motion should capture that um this is outside of the property tax cap.

That's how we normally do those.

I'll move for that.

Well, second don't we normally do that to say that it doesn't fall and if there's a need to raise a property tax, it would be outside the process.

Oh, yes, yes.

Yes, that's correct.

Right.

Sorry, yes.

Did I say I've good enough now?

Yes.

Okay.

All right.

Um that's your motion.

That's my are you clear on the what the motion is that this includes anything uh it's subject to outside of the property tax abatement.

Should we need to raise property taxes?

Right.

Second it okay.

I have a motion by Dan Shaw, second by Yolanda King.

Any further discussion?

C and none.

All those in favor, please say aye.

Aye.

Aye.

All right.

Any opposed?

And that motion carries.

Thank you all.

Write it down in the history books and try your quickest, but thank you for the briefing ahead of time.

The next item on the agenda is uh to authorize uh the chair to set a proposal to issue Clark County, Nevada, general obligation, transportation, improvement bonds.

These are for the strip corridor, and please come forward.

Anna Danchuk, County Comptroller.

Um, the county is seeking to issue this debt for transportation projects within the strip resort corridor.

Um the debt service will be paid by pledged revenues within that resort room tax revenues within the resort corridor, and that's how we've got anticipated impact on property tax rates.

I'd like to do is go briefly through the packet and then we have a representative from Clark County Public Works to answer any questions on projects.

Um page one um shows that the criteria that must be met prior to authorization has been satisfied.

And page nine, we're showing um the current debt that's outstanding with this pledge revenue, um, as well as this new issuance will will bring it up to about 344.3 million dollars of outstanding debt with this revenue.

On page 11 is the um calculation of the statutory debt capacity.

So even with with this issuance as well as the next item that we have, um, the capacity um for the county is over 14 billion dollars.

Um page 12 is the debt service of the existing bonds as well as the um expected debt service for this new debt, and it'll be a 20-year bond with double debt service, and this debt service scheduling um has a hundred basis point cushion built in.

On page 13 um is the historical debt coverage of the pledged revenue.

Um so for fiscal 2026, the county is estimating that we will have 2.67 times coverage on the existing debt.

On the next page is the the pro forma coverage table of including these new bonds, and it reflects over two times coverage until 2040, and then it substantially increases.

Um thing to point out this um pro forma, the pledge revenue assumes no growth over the terms of the bond.

So that coverage is including assumes no growth.

Um this table further supports that we don't anticipate increase in property taxes, property tax rate like that.

If you have any questions on the project, um I think you should come tell us, Kaiser.

This is an important piece on the Las Vegas trip.

Got to keep it clean and functional.

Good morning, Commissioner.

Uh so we have a slew of projects for the strip corridor.

Um, as you're aware that a lot of the pedestrian bridges are about 20 years plus.

So we're looking at upgrading all the elevators and escalators on the strip.

Um they run each escalator runs about three million dollars.

So the overall total cost of the upgrades for all the three intersections of flamingo, spring mountain, and harmony is estimated at about 100 million dollars.

We have another proposed pedestrian bridge at Balaggio, which is under design right now.

That's estimated another five million.

We anticipate doing all of this work in the next two to three years, so we're not impacting pedestrian movement up and down the corridor all at once.

So those are the projects we have in um plan for the resort corridor.

And then there will be a capital plan that comes before the county, which can include any and all other projects, right?

Going forward for the as we continue to ensure that the traffic flow works well and the landscaping stays up and so whatever we may need for future events, future absolutely we have projects in our five-year plan too.

And those will be updated once we have more work that we we have cobalt that we plan to resurface paradise road, uh portion of Las Vegas Boulevard that still needs to be complete between flamingo and spring mountain.

So those are part of the plan.

So all that the county will see those.

Yes.

All right, anybody else have any questions?

See and then entertain a motion.

I'll move to approve.

Here at Helly, I'll move to approve.

We have a motion by uh uh we can give Caro this one.

Uh Councilwoman Calais, second by Dan Shaw.

Any further discussion?

Seeing none.

All those in favor, please say aye.

Okay.

Opposed?

Aye.

And that motion carries.

Uh the next item.

Sorry, I'm thinking.

Uh the next item is to approve authorize the chair to send a resolution concerning a proposed issue to Court County General Obligation, transportation improvement bonds.

This I think is specific to the beltway.

Um the county.

Okay, let me have so this this debt's being issued for transportation projects with about way.

Um, this is a different pledged revenue as the Beltway Pledge Revenue, which is comprised of the 1% supplemental governmental service tax, a portion of new development fees, as well as the 1% room tax outside the resort corridor.

So briefly on the packet page one again shows that we've satisfied the criteria for authorization.

Um existing um debt is on page five.

Um so with this new debt, we expect to be at 136 million of um outstanding bonds with the pledged revenues, and then on page 12 is that the debt service we expect again.

This will be a 20-year term level debt service, and we built in a um hundred basis point cushion, and then historical coverage is is on page 12, and that's been um significant, ranging from 10 to 11 times coverage.

So for fiscal year 26, we're estimating 10.73 times coverage, and then the performer is on page 13, and again, the pledge revenue assumes no growth.

Um, so that coverage will range between um about six six point one nine and then up to over 13.9 times coverage over the life of the bonds.

So again, the table supports that we don't anticipate any increase in property tax rates.

Anybody on the phone have any questions?

Anyone here have any questions?

So can I I just ask this?

I just want to refresh my brain.

So should the legislature try to make any changes to the intergovernmental services tax?

This is off limits because it's already pre-bonded, correct?

Yes, I got to go.

Sure.

I I just want to make sure I remember my case on the taxation.

If uh everybody, for the record, Ryan Henry from Taft Law, yes, that that is correct.

The legislature cannot make any changes to law that would repeal this tax because it would impair the outstanding standing bond.

Any bondage taxes all right?

Just gotta have some hard questions.

All right, anybody want to make a motion for approval?

Mr.

Walmart.

I have a motion by Londa, second by Dan Shaw.

Any discussion?

Seeing none.

All those in favor, please say aye.

Aye, aye.

Aye.

Aye.

Opposed.

No motion carries.

I think I was like the light on everybody today for some reason.

Okay, this is uh this is the second time set aside for public comment.

Anyone have any questions or comments?

None on the phone.

We are gonna close public comment and we are adjourned.

Thank you.

Okay.

We don't be on the next month, right?