February 15, 2024

Commissioner Chambers

, 101 Radar Road, Tonopah, Nevada 89049. Cindy Kaminski, Nye County Representative Chelsy Fischer, Nye County School District Representative Robin Rivero, Public-at-Large Representative Tern Baudoin, Public-at-Large Representative Frank Jarvis, General Improvement District Representative Helen Bae, Nye County Administrative Technical Advisor Mark F. Kampf, Nye County Clerk and Ex-Officio Clerk of the Board Also Present: Kelly Sidman, Deputy Clerk; Ray Ritchie, School District CFO; Marty Johnson, School District Financial Advisor; Ryan Henry, School District Bond Counsel Not Present: Robin Rivero, Public-at-Large Representative A roll call was taken.

Mr. Johnson

offered to review the criteria for the proposal.

Ms. Kaminski

noted the first page of the resolution stated if approved this authorization would expire November 7, 2016.

Mr. Henry

said the resolution recited the original rollover ballot question that was approved by voters, but since that ballot question the Nevada Legislature had twice extended the roll over authorization for two periods of 10 years. The School District now had authority to issue rollover bonds until March, 2035, without the need for voter approval as long as they received Debt Management Commission approval prior to issuance of bonds. February 15, 2024 - — and adopt, or reject Nye County Debt Management Commission Resolution No. 2024-01, a resolution concerning the submission to the Nye County Debt Management Commission by the Nye County School District of a proposal to issue general obligation school improvement bonds in the maximum aggregate principal amount of $32,000,000.00; concerning action taken thereon by the Commission; and approving certain details in connection therewith.

Mr. Johnson

explained the District was proposing to issue $32 million in bonds which would basically consist of HVAC replacements at numerous school facilities, roof replacements, and transportation projects such as the purchase of school buses and other vehicles for student transportation. He outlined the criteria to issue the bonds, such as the District’s debt limit, the impact on the overlapping tax rate of $3.64, projected property tax revenues, and the required debt service fund balance in order for the District to issue rollover bonds.

Ms. Kaminski

asked instead of 0% growth it was supposed to show 2% on page 11.

Mr. Henry

added it would be 2% growth for the first five years and then flat thereafter as shown in the column on the far left hand side. The property taxes had been conservatively estimated and the growth did not continue beyond five years.

Ms. Kaminski

asked if that was because predictions could not go out that far.

Mr. Henry

said no. They did not need to predict it was going to grow more than that in order to demonstrate affordability for the bond issue. In theory the property tax revenues would continue to grow which would allow the District to borrow additional funds a few years down the road.

Ms. Fischer

asked if anticipated to grow meant because of the new housing going in.

Mr. Henry

said there was new housing and reappraisals of existing properties. As long as land prices were going up that would continue to drive assessed values higher. There was also a substantial amount of abatement built up that would cushion things in the event assessed values went down for a couple of years.

Ms. Fischer

asked Mr. Kampf if he had any concerns with this.

Mr. Kampf

said the only thing he could see was if the revenue assumptions of growth did not occur there may not be the remaining revenue shown in some years, but since they would basically be building up remaining revenue from prior years that was not spent they should be in good shape.

Mr. Johnson

explained the balance in the debt service fund was there and available to pay the bonds in the event there was a shortfall in revenue. February 15, 2024 - — and adopt, or reject Nye County Debt Management Commission Resolution No. 2024-01, a resolution concerning the submission to the Nye County Debt Management Commission by the Nye County School District of a proposal to issue general obligation school improvement bonds in the maximum aggregate principal amount of $32,000,000.00; concerning action taken thereon by the Commission; and approving certain details in connection therewith.

Ms. Fischer

asked if the School Board approved this at the last meeting.

Mr. Johnson

said correct. The School Board approved taking this proposal to the Debt Management Commission. Assuming the Commission approved it today it would go back to the School Board next week or the week after for final approval.

Ms. Fischer

asked why the CIP did not match what was approved in the Board meeting. In the meeting the money was approved for a new school, but on here it was for the HVAC, roof, and transportation.

Mr. Ritchie

said the bond to build the school was already sold. The focus of this money was roofs that needed repair, the air conditioning unit replacements, and improving the bus fleet throughout the District.

Ms. Kaminski

hoped the HVAC replacements would last longer than five years.

Mr. Jarvis

made a motion to adopt Nye County Debt Management Resolution No. 2024- 01; seconded by Ms. Fischer; 4 yeas.

Ms. Kaminski

adjourned the meeting. APPROVED this ‘ day ATTEST: Of c* 2024 k DMC Chair Nye CoLnty Clerk I Deputy