NOTICE OF THE INTENT OF THE BOARD OF SUPERVISORS OF CARSON CITY, NEVADA, TO ISSUE GENERAL OBLIGATION (LIMITED TAX) INFRASTRUCTURE SALES TAX BONDS OF THE CITY ADDITIONALLY SECURED BY PLEDGED REVENUES
NOTICE IS HEREBY GIVEN that the Board of Supervisors of Carson City (the “Board” and the “City”) Nevada, by a resolution, passed, adopted and approved on September 1, 2022, and designated in Section 1 thereof by the short title “2022 Resolution of Intent to Issue Infrastructure Sales Tax Bonds” has proposed the issuance of the City’s general obligation (limited tax) infrastructure sales tax bonds (additionally secured by pledged revenues) (the “Bonds”) designated below, as follows:
GENERAL OBLIGATION INFRASTRUCTURE SALES TAX BONDS (ADDITIONALLY SECURED BY PLEDGED REVENUES) PROPOSAL:
Shall the Board of Supervisors of Carson City, Nevada, be authorized to incur a general obligation indebtedness (additionally secured by pledged revenues) on behalf of the City by the issuance at one time, or from time to time, of the City’s general obligation infrastructure sales tax bonds, in one series or more, in the aggregate principal amount of not exceeding $5,550,000 for the purpose of acquiring, establishing, constructing, expanding, improving and equipping certain infrastructure projects set forth in NRS 377B.160(3), such bonds to mature not later than fifteen (15) years from the date or respective dates of the bonds, payable from general (ad valorem) taxes (except to the extent pledged revenues and other monies are available therefor), and to be issued and sold at, above, or below par at an effective interest rate (including any sale discount) not exceeding the statutory maximum rate, if any, as shall be determined at the time of the sale thereof, and otherwise to be issued in such manner, upon such terms and conditions, with such covenants and agreements, 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”); and
The above Proposal was approved by the Debt Management Commission of Carson City, Nevada.
The Board has determined that the Bonds to be issued for the purpose of financing certain infrastructure projects set forth in Nevada Revised Statutes (“NRS”) 377B.160(3) (as further described in the above Proposal) will be additionally secured by a pledge of the revenues received by the City from the one-eighth of 1 percent (0.125%) of the gross receipts of any retailer from the sale of all tangible personal property sold at retail, or stored, used or otherwise consumed, in the City pursuant to NRS Chapter 377B and as set forth in Chapter 21.08 of the Carson City Municipal Code (the “pledged revenues”). The Board has, in addition, determined, based upon a revenue study, that the 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 these general obligations as set forth above without an election as provided in subsection 3 of NRS 350.020, unless within ninety (90) days after the publication of this notice a petition requesting an election is presented to the Clerk-Recorder on behalf of the Board signed by not fewer than five percent (5%) of the registered voters of the City. The number of registered voters is to be determined as of the close of registration for the last preceding general election.
At a meeting or meetings of the Board, the Board shall proceed to adopt an ordinance or ordinances authorizing the issuance of the Bonds. Such ordinance or ordinances authorizing the issuance of the Bonds will be effective unless prior to 5:00 p.m. on December 6, 2022, a petition is presented to the Clerk-Recorder on behalf of the Board asking for the Board to hold 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 filed with the Clerk-Recorder on behalf of the Board no later than 5:00 p.m. on December 6, 2022, at the Clerk-Recorder’s Office, 885 East Musser Street, Suite 1028, Carson City, Nevada, during regular office hours of the Clerk-Recorder. In the event such petition is presented, no such ordinance or ordinances 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 or ordinances 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 Clerk-Recorder 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 the Clerk-Recorder, 885 East Musser Street, Suite 1028, Carson City, Nevada, and can be seen and examined by interested persons during the regular office hours of the Clerk-Recorder. All persons interested may also obtain additional information regarding the contents of and filing requirements for the petition herein referred to at the office of the Clerk-Recorder, 885 East Musser Street, Suite 1028, Carson City, Nevada, during the regular office hours of the Clerk-Recorder.
The determination 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 December 6, 2022, at 5:00 p.m.
BY ORDER of the Board of Supervisors of Carson City, Nevada, dated September 1, 2022.
Aubrey Rowlatt, Carson City Clerk-Recorder
C. Eggert, Deputy (seal)
Pub Date: September 7, 2022 Ad # 27429