ORDINANCE NO. 2022-1598
AN ORDINANCE OF THE BOARD OF COUNTY COMMISSIONERS OF DOUGLAS COUNTY, NEVADA, DESIGNATED BY THE SHORT TITLE “2022 COMMUNITY CENTER REFUNDING BOND ORDINANCE”; PROVIDING FOR THE ISSUANCE OF THE DOUGLAS COUNTY, NEVADA, GENERAL OBLIGATION (LIMITED TAX) COMMUNITY CENTER REFUNDING BONDS (ADDITIONALLY SECURED BY PLEDGED REVENUES), SERIES 2022, IN THE MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $7,000,000; PROVIDING THE FORM, TERMS AND CONDITIONS THEREOF AND COVENANTS RELATING TO THE PAYMENT OF SAID BONDS; AND PROVIDING THE EFFECTIVE DATE HEREOF.
PUBLIC NOTICE IS HEREBY GIVEN, that typewritten copies of the above- numbered and entitled Ordinance are available for inspection by all interested persons at the office of the Clerk-Treasurer of Douglas County, Nevada (the “County”), 1616 8th St., 2nd Floor, Minden, Nevada during the regular office hours of the County, and electronic copies may requested by all interested persons during the regular office hours of the County by contacting the Clerk- Treasurer’s Office at 775-782-9014 or at the following email address: boardclerk@douglasnv.us.
The following is a brief summary of the provisions of the Ordinance: The Ordinance authorizes the issuance of the Douglas County, Nevada, General Obligation (Limited Tax) Community Center Refunding Bonds (Additionally Secured by Pledged Revenues), Series 2022 (the “Bonds”) in the maximum aggregate principal amount of $7,000,000 in order to finance the cost of refunding certain outstanding obligations of Douglas County, Nevada (the “County” and the “State,” respectively). The Ordinance sets forth the details of the Bonds, including, but not limited to, the dates and amounts of installments of principal maturing on the Bonds, the interest rate(s) and the terms of the prior redemption thereof. The Ordinance provides the terms of registration, transfer, exchange, execution and delivery of the Bonds. The Ordinance provides the form of the Bonds and the use of the proceeds thereof. The County makes a covenant in the Ordinance with respect to the tax-exemption of the interest on the Bonds.
The Ordinance provides that the Bonds are general obligations of the County and that the full faith and credit of the County is irrevocably pledged to the payment of the Bonds. The payment of the principal of and interest on the Bonds is secured by a pledge of 15% of the proceeds of liquor taxes, tobacco taxes, real property transfer taxes, governmental services taxes and basic and supplemental sales taxes distributed to and imposed within the County pursuant to NRS 360.600 to 360.740 (the “Pledged Revenues”). To the extent the Pledged Revenues are unavailable, the Bonds are payable from any legally available moneys of the County, including annual general (ad valorem) taxes levied against all of the taxable property within the County (the “General Taxes”), subject to the limitations imposed by the Constitution and by the statutes of the State. The Ordinance provides that the Bonds are not secured by any property of the County, other than the proceeds of General Taxes and any other moneys pledged for the repayment of the Bonds. The Ordinance provides no recourse for payment of the Bonds that may be had against the Board or other officers or agents of the County. The Ordinance provides for the defeasance of the Bonds, the replacement of the registrar and paying agent for the Bonds and the publication of the Ordinance by title in accordance with State law.
Such Ordinance was proposed on March 3, 2022 and will be considered for adoption at the regular meeting of the Board of County Commissioners (the “Board”) of the County to be held on March 17, 2022. Prior to consideration of the Ordinance for final adoption, the Board will hold a public hearing at the regular meeting to be held on March 17, 2022 at 10:00 am at the County Administration Building, 1616 8th St., Minden, Nevada. Members of the public may request an electronic copy of the agenda and supporting materials by contacting the Douglas County Manager’s office at cmoffice@douglasnv.us. Electronic copies of the agenda and supporting materials are also available at the following websites:
State of Nevada Public Notices website: https://notice.nv.gov
Douglas County Meeting Website: https://douglascountynv.iqm2.com/Citizens/Default.aspx
The Board shall adopt or reject the Ordinance (or the Ordinance as amended) within 35 days after the date of the final public hearing.
IN WITNESS WHEREOF, the Board of County Commissioners of Douglas County, Nevada, has ordered this notice to be published.
DATED this March 3, 2022.
/s/ __Mark Gardner
Chairman
Board of County Commissioners
Douglas County, Nevada
(SEAL)
Attest:
/s/ Amy Burgans___ Clerk-Treasurer
Douglas County, Nevada
Pub Date: March 5, 2022 Ad # 22105
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