NOTICE OF THE INTENT OF THE BOARD OF COUNTY COMMISSIONERS OF DOUGLAS COUNTY, NEVADA, TO ISSUE GENERAL OBLIGATION (LIMITED TAX) BONDS OF THE COUNTY ADDITIONALLY SECURED BY PLEDGED REVENUES
NOTICE IS HEREBY GIVEN that the Board of County Commissioners of Douglas County, Nevada (the “Board” and the “County”) respectively, by a resolution, passed, adopted and approved on December 21, 2023, and designated in Section 1 thereof by the short title “2023 Resolution of Intent to Issue Bonds” has proposed the issuance of the County’s general obligation (limited tax) bonds (additionally secured by pledged revenues) (the “Bonds”) designated below, as follows:
GENERAL OBLIGATION BONDS (ADDITIONALLY SECURED BY PLEDGED REVENUES) PROPOSAL:
Shall the Board of County Commissioners of Douglas County in the State of Nevada, be authorized to incur a general obligation indebtedness on behalf of the County by the issuance at one time, or from time to time, of the County’s general obligation bonds (additionally secured by pledged revenues), in one series or more, in the aggregate principal amount of not exceeding $37,000,000 for the purpose of financing, wholly or in part, the acquisition, construction, improvement and equipment of a Building Project as defined in NRS 244A.019, the bonds to mature not later than thirty (30) years from the date or respective dates of the bonds, to bear interest at a rate or rates not in excess of the statutory maximum rate in effect at the time bonds are sold, to be payable from general (ad valorem) taxes (except to the extent pledged revenues and other moneys are available therefor), and to be issued and sold at par, or below or above par, and otherwise in such manner, upon such terms and conditions, and with such other detail as the Board may determine, including at its option but not necessarily limited to provisions for the redemption of bonds prior to maturity without or with the payment of a premium?
(the “Proposal”);
The Proposal was approved by the Debt Management Commission of Douglas County, Nevada.
The Board has determined that the Bonds are to be issued for the purpose of financing a building project (as further described in the above Proposal) and will be additionally secured by a pledge of the “pledged revenues.” The Board has also determined, based upon a revenue study, that such pledged revenues will at least equal the amount required in each year for the payment of the interest on and the principal of the Bonds.
Based upon these determinations, the Board intends to incur the general obligations as set forth above without an election as provided in subsection 3 of Nevada Revised Statutes (“NRS”) 350.020, unless within ninety (90) days after the publication of this notice (March 26, 2024) a petition requesting an election is presented to the Board signed by not fewer than five percent (5%) of the registered voters of the County. The number of registered voters is to be determined as of the close of registration for the last preceding general election. Any such petition must be filed with the County and Board of County Commissioners at: Douglas County, Nevada, 1616 8th Street, Minden, NV 89423, Attn: Terri Willoughby, Chief Financial Officer.
A person may obtain additional information regarding the contents of and filing requirements for the petition at: Douglas County, Nevada, 1616 8th Street, Minden, NV 89423, Attn: Terri Willoughby, Chief Financial Officer.
At a meeting of the Board, the Board shall proceed to adopt an ordinance authorizing the issuance of the Bonds. Such ordinance authorizing the issuance of the Bonds will be effective unless prior to 5:00 p.m. on March 26, 2024, a petition is presented to the Board asking for an election upon the question of whether or not the proposed Bonds shall be incurred. The petition for an election herein referred to may be presented to the Board at any time prior to the expiration of ninety (90) days after the publication of this notice. In the event such petition is presented, no such ordinance shall be effective except pursuant to an election called and held for such purpose and carried by a majority of the votes cast. In the event no such petition is presented, the Bonds will be authorized as described above. The ordinance authorizing the Bonds will, in addition, contain provisions for additionally securing the payment of the general obligations by pledging the pledged revenues designated above and in the Proposal to the payment of the Bonds.
The authority to issue the Bonds if conferred at an election or if conferred by the fact no petition is presented to the Board requesting such an election within ninety (90) days of the date of publication hereof shall be deemed to be a continuing authority and the Board shall be authorized to sell the Bonds at such time or times and upon such terms and conditions as it deems proper in accordance with the provisions of the Proposal and the laws of the State of Nevada.
All persons interested are hereby advised that further information regarding the projects to be financed by the Bonds, the Bonds and the revenues to be pledged to the Bonds, and all proceedings in the premises, are on file in the office of Douglas County, Nevada, 1616 8th Street, Minden, NV 89423, Attn: Terri Willoughby, Chief Financial Officer, and can be seen and examined by interested persons during the regular office hours of the County Clerk-Treasurer.
The determinations by the Board that the pledged revenues will at least equal the amount required in each year for the payment of interest and principal on the Bonds becomes conclusive on the last day for filing the petition, i.e., on March 26, 2024, at 5:00 p.m.
BY ORDER of the Board of County Commissioners of Douglas County, Nevada.
DATED this December 21, 2023
/s/ Amy Burgans
County Clerk-Treasurer
Pub Date: December 27, 2023 Ad # 39167
