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City Council Meeting

March 12, 2019


BOULDER CITY
Item No. 8
CITY COUNCIL

MAYOR
RODNEY WOODBURY
Staff Report
COUNCIL MEMBERS:
WARREN HARHAY TO: Mayor and City Council
PEGGY LEAVITT
KIERNAN MCMANUS FROM: Diane Pelletier, Finance Director
RICH SHUMAN

◄●► DATE: March 5, 2019

MEETING LOCATION: SUBJECT: For possible action: Resolution No. 6906, a resolution of the
CITY COUNCIL CHAMBER City Council of Boulder City, designated as the "2019 Boulder City Election
401 CALIFORNIA AVENUE
Resolution"; declaring the necessity of incurring a bonded indebtedness on
BOULDER CITY, NV 89005
behalf of the City; determining the maximum amount of bonds to be issued;
MAILING ADDRESS: calling a Bond Election to be held in conjunction with the Municipal General
401 CALIFORNIA AVENUE Election on Tuesday, June 11, 2019, for the submission of the question of
BOULDER CITY, NV 89005 issuing the City's General Obligation bonds; and providing other details in
WEBPAGE:
connection therewith and the effective date hereof.
WWW.BCNV.ORG
Business Impact Statement: This action will not have a significant
◄●► economic impact on business and will not directly restrict the
formation, operation, or expansion of a business.
CITY MANAGER:
ALFONSO NOYOLA, ICMA-CM
Action Requested: That the City Council consider approval of
CITY ATTORNEY: Resolution No. 6906 pursuant to NRS 295.121(11) and 293.481(1)(d).
STEVEN L. MORRIS, ESQ

CITY CLERK: Overview:


LORENE KRUMM, MMC, CPO

COMMUNITY DEVELOPMENT DIRECTOR: • At its regular meeting on January 8, 2019, the Council approved
MICHAEL MAYS, AICP four (4) questions for the 2019 Municipal General Election ballot.
PUBLIC WORKS DIRECTOR:
• The City Attorney enlisted the assistance of bond counsel,
KEEGAN LITTRELL, P.E. Sherman & Howard to proceed with drafting a ballot question on
obtaining $40,000,000 of general obligation bonds for the purpose of
UTILITIES DIRECTOR:
DENNIS PORTER, P.E. constructing a new aquatic center.
• Resolution No. 6888, which is the ballot question requesting voter
POLICE CHIEF: approval to issue up to $40 million dollars of general obligation bonds
TIM SHEA
for the purpose of constructing a new aquatic center was approved by
FIRE CHIEF: the City Council at the January 8, 2019 regular council meeting.
KEVIN NICHOLSON • With the approval of Resolution No. 6888, NRS 350.0135 requires
FINANCE DIRECTOR: the City Council to determine by resolution that there is no “affected
DIANE PELLETIER, CPA

PARKS & RECREATION DIRECTOR


ROGER HALL
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governmental entity” to which it must provide written notification regarding the
proposed issuance of general obligation bonds.
• By resolution adopted on February 7, 2019, the Clark County Debt Management
Commission, approved the City’s proposal to issue such bonds, pursuant to NRS
350.0135
• Resolution 6906 contains the form of notices, including the form of notice of bond
election required by NRS 350.022 to be published in a newspaper printed in and
having general circulation in the City, at least once in each calendar week for two
successive calendar weeks by two weekly insertions a week apart with the first
publication to be not more than 30 days nor less than 22 days next preceding the
date of the Election. It is suggested the publication of this notice of election
required by NRS 350.022 be published on May 17 and May 24, 2019.

Background Information: See Overview.

Department Recommendation: The Finance Director respectfully requests that the City
Council consider approval of Resolution No. 6906.

Attachment:
R6906

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Summary - a resolution calling a bond election for Boulder City, Nevada.

RESOLUTION NO. 6906

A RESOLUTION DESIGNATED AS THE "2019 BOULDER


CITY ELECTION RESOLUTION"; DECLARING THE
NECESSITY OF INCURRING A BONDED INDEBTEDNESS
ON BEHALF OF THE CITY; DETERMINING THE
MAXIMUM AMOUNT OF BONDS TO BE ISSUED;
CALLING A BOND ELECTION TO BE HELD IN
CONJUNCTION WITH THE GENERAL ELECTION ON
TUESDAY, JUNE 11, 2019, FOR THE SUBMISSION OF THE
QUESTION OF ISSUING THE CITY'S GENERAL
OBLIGATION BONDS; AND PROVIDING OTHER
DETAILS IN CONNECTION THEREWITH AND THE
EFFECTIVE DATE HEREOF.

WHEREAS, the City of Boulder City in the State of Nevada (the "City" and the
"State," respectively) is a political subdivision of the State duly organized and operating as a city
under the provisions of Nevada Revised Statutes ("NRS") Chapter 268 and Chapter 139 of Statutes
of Nevada 1929, as amended (the "Charter"); and
WHEREAS, the City Council (the "Council") has determined and does hereby
declare pursuant to NRS 268.672 to 268.740, inclusive (the "Project Act) that is necessary and
advisable that the City incur a bonded indebtedness pursuant to the Project Act, to NRS 350.011
through 350.0165, as amended (the "Debt Management Commission Act"), to NRS 350.020
through 350.070, as amended (the "Bond Election Act"), and to NRS 350.500 through 350.720,
as amended (designated in NRS 350.500 therein as the "Local Government Securities Law" (the
"Bond Act") in the maximum principal amount of $40,000,000 (the "Bonds") for the purpose of
acquiring, constructing, improving and equipping recreational projects as defined in NRS 268.710,
including an aquatic center in accordance with the Project Act (the "Project"); and
WHEREAS, in the judgment of the Council, it is necessary and advisable that a
bond election be called to be held in conjunction with the general election within the City on
Tuesday, June 11, 2019 to submit to the electors of the City a question on the issuance of the
Bonds; and

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WHEREAS, by resolution duly adopted on February 7, 2019, the Debt
Management Commission of the County, approved the City's proposal to issue such Bonds,
pursuant to NRS 350.011 through 350.0165.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF
THE CITY OF BOULDER CITY, IN THE STATE OF NEVADA:
SECTION 1. This resolution shall be known and may be cited as the "2019
Boulder City Election Resolution".
SECTION 2. The Council hereby finds and declares the necessity of incurring a
bonded indebtedness for the purpose of financing the Project.
SECTION 3. A bond election is hereby designated, ordered, and called to be held
in the City in conjunction with the general election on Tuesday, June 11, 2019 (the "Election"), at
which there shall be submitted to the registered voters of the City the question (the "Bond
Question") hereinafter set forth in the form of notice in Section 15 of this resolution. The Election
shall be conducted in accordance with the Bond Election Act and in the manner provided by
chapter 293 of the NRS, and all laws amendatory thereof (the "Election Act").
SECTION 4. Every citizen of the United States, 18 years of age or over, who has
continuously resided in this State and in the City 30 days next preceding the date of Election, shall
be entitled to vote at the Election if such person has complied with the registration laws of the
State.
SECTION 5. Absent voting and early voting shall be permitted in the manner
provided by the Election Act and laws thereunto enabling.
SECTION 6. The authority to issue the Bonds as aforesaid, if conferred at the
Election, shall be deemed and considered a continuing authority to issue and deliver the Bonds at
one time or from time to time, in one series or in more than one series, all as ordered by the Council.
Neither the partial exercise of the authority so conferred nor the lapse of time shall be considered
as exhausting or limiting the full authority so conferred; but no Bonds shall be issued or sold by
the Council after the expiration of six years from the date of the Election unless NRS 350.2013
shall be directly or impliedly amended to provide otherwise.
SECTION 7. On or before April 12, 2019, the Council shall provide the City Clerk
with a copy of this Resolution or the ballot information stated in Section 9 herein, pursuant to NRS
295.217(1)(a) and 293.481(l)(d).

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SECTION 8. Voter registration for the Election shall be conducted in accordance
with the Election Act. Any qualified elector whose name does not appear on the official registry
list of qualified electors for the precinct or voting district in which he or she resides in the City, as
shown by the records of the registry agent, may apply to the City Clerk at the Clerk's office, before
a Deputy Clerk, or otherwise in the manner provided by law, up to and including the last day for
registration of voters, as provided in NRS. Registration offices shall be open as set forth in NRS
293C.527. The City Clerk is hereby directed to give notice of the close of registration by publishing
in a newspaper having general circulation in the City a notice indicating the day that registration
will close. Such notice shall be published once in each calendar week for four successive calendar
weeks next preceding the close of registration, and shall be combined with the notice of close of
registration for the general election to be held on June 11, 2019.
SECTION 9. There shall be inserted in each of the ballot page assemblies used in
conjunction with the voting system at the Election the submission clause and other ballot
information in substantially the following form, with such changes therein as are approved by the
Finance Director of the City:

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[Form of Submission Clause and Ballot Information]

GENERAL OBLIGATION BOND QUESTION:

Shall the City Council of Boulder City, Nevada, be authorized


to issue up to $40,000,000 of general obligation bonds for the
purpose of acquiring, constructing, improving and equipping
recreational projects as defined in NRS 268.710, including an
aquatic center? The bonds are expected to require a property
tax levy for 30 years. The bonds are estimated to result in an
increase in the property taxes that the owner of a new $100,000
home will pay, which will average $126.00 per year. If this
question is approved by the voters, any property tax levied to
pay the bonds will be outside of the caps on a taxpayer's liability
for property (ad valorem) taxes established by the legislature in
the 2005 session. ·

Explanation:
A "yes" vote would permit the City Council of Boulder City, Nevada, to issue up
to $40,000,000 of general obligation bonds. The proceeds of the bonds are to be used for the
purpose of acquiring, constructing, improving and equipping recreational projects, including an
aquatic center. The proposed question does not add to, change, or repeal any existing laws. If the
question is approved by the voters, the question will create, generate and increase public revenue.
The property tax rate to be levied to repay the bonds is expected to be $0.36 per $100 of assessed
valuation during the 30 year term of the bonds. If this question is approved by the voters, any
property tax levied as authorized by this question will be outside of the caps on a taxpayer's liability
for property (ad valorem) taxes established by the 2005 Nevada Legislature.

The proposal does not change, add to, or repeal any existing laws.

A "no" vote would prevent the City from issuing general obligation bonds for these
purposes at this time.

Argument For the Bonds: [To be provided by the committee advocating approval
of the question.]

Argument Against the Bonds: [To be provided by the committee opposing


approval of the question.]

Rebuttal to Argument Against the Bonds: [To be provided by the committee


advocating approval of the question.]

Rebuttal to Argument For the Bonds: [To be provided by the committee


opposing approval of the question.]

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Additional Information: The purpose of the proposed bonds is to acquire,
construct, improve and equip recreational projects of the City, including an aquatic center.

Anticipated Financial Effect: If assessed value of property in the City decreases


or if the growth of assessed value of property in the City does not increase as projected, approval
of the question could require a property tax rate within the City greater than the property tax rate
which has been projected by the City as needed to repay the bonds.

The maximum term of the bonds is 30 years, and the City Council expects
that the bonds will have a 30 year term with an anticipated interest rate of 5.0%. The maximum
aggregate principal amount of the bonds is $40,000,000 plus total interest costs in the anticipated
amount of $39,254,630. The annual operation, maintenance and repair costs of the new facilities
are estimated to be $650,000 which is greater than the current annual operation, maintenance and
repair costs of the existing facility of $540,000. These operation, maintenance and repair costs are
expected to be paid from the City's general operating budget and are not expected to affect the tax
rate. If this question is approved by the voters, any property tax levied as authorized by this
question will be outside of the caps on a taxpayer's liability for property (ad valorem) taxes
established by the 2005 Nevada Legislature. There are no requirements relating to the bond
proposal which are imposed pursuant to a court order or federal or state statute.

[End of Form of Submission Clause and Ballot Information]

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SECTION 10. A sample ballot shall be distributed in accordance with NRS
293.565, 350.024 and 350.027, and shall include all information required by the Election Act and
the Bond Election Act, in addition to the following information in substantially the following form,
with such changes therein as are deemed necessary by the Finance Director of the City:

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[Information to Be Included in Sample Ballot]

The Boulder City bond election will be held in conjunction with the general election
on Tuesday, June 11, 2019. The polls will be open from 7:00 a.m. to 7:00 p.m at the places
provided for the general election. At the bond election there will be submitted to the duly qualified
electors, properly registered, of the City, the following Question:

GENERAL OBLIGATION BOND QUESTION:

Shall the City Council of Boulder City, Nevada, be authorized


to issue up to $40,000,000 of general obligation bonds for the
purpose of acquiring, constructing, improving and equipping
recreational projects as defined in NRS 268.710, including an
aquatic center? The bonds are expected to require a property
tax levy for 30 years. The bonds are estimated to result in an
increase in the property taxes that the owner of a new $100,000
home will pay, which will average $126.00 per year. If this
question is approved by the voters, any property tax levied to
pay the bonds will be outside of the caps on a taxpayer's liability
for property (ad valorem) taxes established by the legislature in
the 2005 session. ·

Explanation:
A "yes" vote would permit the City Council of Boulder City, Nevada, to issue up
to $40,000,000 of general obligation bonds. The proceeds of the bonds are to be used for the
purpose of acquiring, constructing, improving and equipping recreational projects, including an
aquatic center. The proposed question does not add to, change, or repeal any existing laws. If the
question is approved by the voters, the question will create, generate and increase public revenue.
The property tax rate to be levied to repay the bonds is expected to be $0.36 per $100 of assessed
valuation during the 30 year term of the bonds. If this question is approved by the voters, any
property tax levied as authorized by this question will be outside of the caps on a taxpayer's liability
for property (ad valorem) taxes established by the 2005 Nevada Legislature.

The proposal does not change, add to, or repeal any existing laws.

A "no" vote would prevent the City from issuing general obligation bonds for these
purposes at this time.

Argument For the Bonds: [To be provided by the committee advocating approval
of the question.]

Argument Against the Bonds: [To be provided by the committee opposing


approval of the question.]

Rebuttal to Argument Against the Bonds: [To be provided by the committee


advocating approval of the question.]

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Rebuttal to Argument For the Bonds: [To be provided by the committee
opposing approval of the question.]

Additional Information: The purpose of the proposed bonds is to acquire,


construct, improve and equip recreational projects of the City, including an aquatic center.

Anticipated Financial Effect: If assessed value of property in the City decreases


or if the growth of assessed value of property in the City does not increase as projected, approval
of the question could require a property tax rate within the City greater than the property tax rate
which has been projected by the City as needed to repay the bonds.

The maximum term of the bonds is 30 years, and the City Council expects
that the bonds will have a 30 year term with an anticipated interest rate of 5.0%. The maximum
aggregate principal amount of the bonds is $40,000,000 plus total interest costs in the anticipated
amount of $39,254,630. The annual operation, maintenance and repair costs of the new facilities
are estimated to be $650,000 which is greater than the current annual operation, maintenance and
repair costs of the existing facility of $540,000. These operation, maintenance and repair costs are
expected to be paid from the City's general operating budget and are not expected to affect the tax
rate. If this question is approved by the voters, any property tax levied as authorized by this
question will be outside of the caps on a taxpayer's liability for property (ad valorem) taxes
established by the 2005 Nevada Legislature. There are no requirements relating to the bond
proposal which are imposed pursuant to a court order or federal or state statute.

[End of Information to Be Included in Sample Ballot]

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SECTION 11. Nothing in this Resolution prevents the inclusion in the ballots of
provisions for the expression by the qualified registered voters of the City of their choice for any
questions or proposals other than the Bond Question submitted at the Election to the qualified
registered voters.
SECTION 12. The polls shall be opened during the hours as provided in
NRS 293.273, Election Act, and all laws supplemental thereto.
SECTION 13. Except as specifically provided in this Resolution, in the Project Act,
and in the Bond Election Act, the Election shall be held and conducted in accordance with the
Election Act and with all laws supplemental thereto.
SECTION 14. In accordance with NRS 350.022, the Finance Director of the City
shall cause a notice of the Election to be published in a newspaper printed in and having general
circulation in the City, at least once in each calendar week for two successive calendar weeks by
two weekly insertions a week apart with the first publication to be not more than 30 days nor less
than 22 days next preceding the date of the Election.
SECTION 15. The notice of the Election shall be in substantially the following
form; provided, however, that such notice shall be appropriately modified to contain such changes
as are deemed necessary by the Finance Director of the City:

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(Form of Election Notice)
NOTICE OF BOND ELECTION
BOULDER CITY, NEVADA
ON TUESDAY, JUNE 11, 2019
Pursuant to a resolution of the City Council (the "Council") of Boulder City (the
"City"), State of Nevada (the "State"):

NOTICE IS HEREBY GIVEN that a Boulder City bond election will be held
within the City in conjunction with the general election on Tuesday, June 11, 2019 and the
precincts and polling places for the bond election shall be the same as for the general election. The
polls will open from 7:00 a.m. to 7:00 p.m. at the places provided for the general election. At the
bond election there will be submitted to the qualified electors, properly registered, of the City, the
following bond question:

GENERAL OBLIGATION BOND QUESTION:

Shall the City Council of Boulder City, Nevada, be authorized


to issue up to $40,000,000 of general obligation bonds for the
purpose of acquiring, constructing, improving and equipping
recreational projects as defined in NRS 268.710, including an
aquatic center? The bonds are expected to require a property
tax levy for 30 years. The bonds are estimated to result in an
increase in the property taxes that the owner of a new $100,000
home will pay, which will average $126.00 per year. If this
question is approved by the voters, any property tax levied to
pay the bonds will be outside of the caps on a taxpayer's liability
for property (ad valorem) taxes established by the legislature in
the 2005 session. ·

Explanation:
A "yes" vote would permit the City Council of Boulder City, Nevada, to issue up
to $40,000,000 of general obligation bonds. The proceeds of the bonds are to be used for the
purpose of acquiring, constructing, improving and equipping recreational projects, including an
aquatic center. The proposed question does not add to, change, or repeal any existing laws. If the
question is approved by the voters, the question will create, generate and increase public revenue.
The property tax rate to be levied to repay the bonds is expected to be $0.36 per $100 of assessed
valuation during the 30 year term of the bonds. If this question is approved by the voters, any
property tax levied as authorized by this question will be outside of the caps on a taxpayer's liability
for property (ad valorem) taxes established by the 2005 Nevada Legislature.

The proposal does not change, add to, or repeal any existing laws.

A "no" vote would prevent the City from issuing general obligation bonds for these
purposes at this time.

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Argument For the Bonds: [To be provided by the committee advocating approval
of the question.]

Argument Against the Bonds: [To be provided by the committee opposing


approval of the question.]

Rebuttal to Argument Against the Bonds: [To be provided by the committee


advocating approval of the question.]

Rebuttal to Argument For the Bonds: [To be provided by the committee


opposing approval of the question.]

Additional Information: The purpose of the proposed bonds is to acquire,


construct, improve and equip recreational projects of the City, including an aquatic center.

Anticipated Financial Effect: If assessed value of property in the City decreases


or if the growth of assessed value of property in the City does not increase as projected, approval
of the question could require a property tax rate within the City greater than the property tax rate
which has been projected by the City as needed to repay the bonds.

The maximum term of the bonds is 30 years, and the City Council expects
that the bonds will have a 30 year term with an anticipated interest rate of 5.0%. The maximum
aggregate principal amount of the bonds is $40,000,000 plus total interest costs in the anticipated
amount of $39,254,630. The annual operation, maintenance and repair costs of the new facilities
are estimated to be $650,000 which is greater than the current annual operation, maintenance and
repair costs of the existing facility of $540,000. These operation, maintenance and repair costs are
expected to be paid from the City's general operating budget and are not expected to affect the tax
rate. If this question is approved by the voters, any property tax levied as authorized by this
question will be outside of the caps on a taxpayer's liability for property (ad valorem) taxes
established by the 2005 Nevada Legislature. There are no requirements relating to the bond
proposal which are imposed pursuant to a court order or federal or state statute.

IN WITNESS WHEREOF, the City Council of the City of Boulder City has
caused this notice to be published.

/s/
City Clerk, City of Boulder City

PUBLICATION DATES: May 17 and May 24, 2019 in a newspaper printed in the State of
Nevada and having a circulation in the City.

(End of Form of Election Notice)

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SECTION 16. Immediately after the closing of the polls, the election officers shall
proceed to canvass the votes cast on the Bond Question, and certify the results so disclosed to the
Council.
SECTION 17. Within six (6) working days of the Election, the Council shall meet
at its usual meeting place and publicly canvass the returns.
SECTION 18. If a majority of the votes cast is in favor of the issuance of the Bonds
designated in the Bond Question, the proposal to issue the Bonds shall have been carried, and the
Council may cause an entry of that fact to be made upon its minutes and shall proceed to complete
the printing, execution, advertising and sale of the Bonds. If the majority of the votes is against
the issuance of the Bonds designated in the Bond Question, the proposal to issue them shall have
failed, and the Council shall proceed no further with the printing, execution, advertisement or sale
of the Bonds.
SECTION 19. All action heretofore taken (not inconsistent with the provisions of
this Resolution) by the Council and by the officers of the City relating to:

A. The Election and the Bond Question,


B. The Project, and
C. The issuance of Bonds for said purpose,
is ratified, approved and confirmed.
SECTION 20. The officers of the City are authorized and directed to take all action
necessary or appropriate to effectuate the provisions of this Resolution.
SECTION 21. All orders, bylaws and resolutions, or parts thereof, in conflict with
this Resolution, are hereby repealed. This repealer shall not be construed to revive any bylaw,
order or resolution, or part thereof, heretofore repealed.
SECTION 22. If any section, paragraph, clause or provision of this Resolution shall
for any reason be held to be invalid or unenforceable, the invalidity or unenforceability of such
section, paragraph, clause or provision shall not affect any of the remaining provisions of this
Resolution.

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SECTION 23. This Resolution shall be in effect from and after its adoption.

PASSED AND ADOPTED this March 12, 2019.

[SEAL]
Mayor

ATTEST:

______________________________________
City Clerk

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STATE OF NEVADA )
)
COUNTY OF CLARK ) ss.
)
BOULDER CITY )

I am the duly qualified City Clerk of the City of Boulder City (the "City"), and in
the performance of my duties as City Clerk do hereby certify:
1. The foregoing pages are a full and correct copy of a resolution adopted by
the City Council (the "Council") of the City at a meeting of the City held on March 12, 2019, as
recorded in the regular official record book of the proceedings of the City.
2. All members of the Council were given due and proper notice of such
meeting, and the members of the Council were present at the meeting and voted on the resolution
as follows:
Those Voting Aye:

Those Voting Nay:

Those Absent:

3. Public notice of such meeting, attached as Exhibit A, was given and such
meeting was held and conducted in full compliance with the provisions of NRS 241.020. A copy
of the notice of meeting and excerpts from the agenda for the meeting relating to the resolution, as
posted at least 3 working days in advance of the meeting on the City's website, the State of
Nevada's official website, and at:
(i)

(ii)

(iii)

4. At least 3 working days before such meeting, such notice was delivered to
each member of the Council and to each person, if any, who has requested notice of meetings of
the Council in accordance which Chapter 241 of NRS.
IN WITNESS WHEREOF, I have hereunto set my hand this March 12, 2019.
______________________________________
City Clerk

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EXHIBIT A

(Attach Copy of Notice of Meeting)

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