SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR OPERATING AND CAPITAL BUDGET

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1 SECTION 7 DEBT MANAGEMENT POLICY LAS VEGAS VALLEY WATER DISTRICT FISCAL YEAR OPERATING AND CAPITAL BUDGET

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3 In Accordance With NRS June 30,

4 Table of Contents Introduction Affordability of Debt Supported by Water System Pledged Revenues Supported by the SNWA Pledged Revenues Debt Capacity Debt Comparison (per capita and assessed valuation) Policy Statement for Sale of Debt Operation Costs and Revenue Sources for Projects in Capital Improvement Plan Miscellaneous Items Director of Finance Information Appendix - Debt Service and Pledged Revenue Tables

5 NRS Subsection 1(c) Introduction The Las Vegas Valley Water District (LVVWD) is a quasi-municipal corporation created by the State of Nevada pursuant to a Special Act (the Act) of the Legislature in March The Las Vegas Valley Water District Act is available online at: LasVegasValleyWater.html. The LVVWD was created for the purpose of obtaining and distributing water, primarily in the Las Vegas Valley, which includes the metropolitan area of Clark County and the City of Las Vegas. Because the Clark County Board of Commissioners serves as the LVVWD Board of Directors (Board), the LVVWD is included as a blended component unit within the Clark County Comprehensive Financial Report. A component unit can be a legally separate organization for which the elected officials of the primary government are financially accountable. For purposes of this report, the LVVWD alone is the reporting entity. The LVVWD s current debt structure is presented in the Appendix. The LVVWD has three options to issue debt; The LVVWD can issue debt in its own name. Standard & Poors rates the LVVWD bonds AA+, and Moody s Investors Service rates them Aa1. This rating makes the LVVWD Bonds high investment grade. The LVVWD can issue debt through the Clark County Bond Bank. Standard & Poors rates Clark County bonds AA, and Moody s Investor Service rates them Aa1. The LVVWD can issue debt through the State Bond Bank. Standard & Poors rates State of Nevada bonds AA, and Moody s Investor Services rates them Aa1. By contract, the LVVWD operates the Southern Nevada Water Authority (SNWA), and the LVVWD has issued debt for the SNWA that is secured by the SNWA Pledged revenues. See the Appendix for a listing of the LVVWD debt secured by the LVVWD revenues, and debt the LVVWD has issued for the SNWA secured by the SNWA pledged revenues. The proceeds of debt issued by the LVVWD is restricted to purchase and/or construction of capital assets. The LVVWD Major Capital Plan (MCP) is a phased construction program outlining current construction expenditures, as well as projected future expenditures for construction of capital assets. In addition to issuing debt to fund the purchase and/or construction of capital assets, the LVVWD also budgets a portion of operating revenues to fund capital assets on a pay-as-you-go basis. This document is not intended to review the LVVWD s total financial position. In addition to being required by state law, this analysis of the LVVWD s debt position is important for capital asset planning purposes, and to 7-3

6 determine if the LVVWD rates and charges are sufficient to cover current and future operating expense and debt service. Decisions regarding the use of debt will be based in part on the long-term needs of the LVVWD and the amount of equity (cash) dedicated in a given year to capital expenditures. Listed below are excerpts from Nevada Law which requires local governments to submit a debt management policy: (1) Except as otherwise provided in this section, on or before August 1 of each year, the governing body of a municipality which proposes to issue or has outstanding any general obligation debt, other general obligations or special obligations, or which levies or proposes to levy any special elective tax, shall submit to the department of taxation and the commission: (c) A written statement of the debt management policy of the municipality, which must include, without limitation; (1) A discussion of its ability to afford existing general obligation debt, authorized future general obligation debt and proposed future general obligation debt; (2) A discussion of its capacity to incur authorized and proposed future general obligation debt without exceeding the applicable debt limit; (3) A discussion of its general obligation debt that is payable from property taxes per capita as compared with such debt of other municipalities in the state; (4) A discussion of its general obligation debt that is payable from property taxes as a percentage of assessed valuation of all taxable property within the boundaries of the municipality; (5) Policy regarding the manner in which the municipality expects to sell its debt; (6) A discussion of its sources of money projected to be available to pay existing general obligation debt, authorized future general obligation debt and proposed future general obligation debt; and (7) A discussion of its operational costs and revenue sources, for the ensuing 5 fiscal years, associated with each project included in its plan for capital improvement submitted pursuant to paragraph (c), if those costs and revenues are expected to affect the tax rate. Affordability of Debt Response to NRS (c): (1) A discussion of its ability to afford existing general obligation debt, authorized future general obligation debt and proposed future general obligation debt; and (6) A discussion of its sources of money projected to be available to pay existing general obligation debt, authorized future general obligation debt and proposed future general obligation debt Existing, Authorized and Proposed General Obligation/Revenue Supported Bond Indebtedness Supported by Water System Pledged Revenues ( LVVWD Water Bonds ). The LVVWD Water Bonds constitute direct and general obligations of the LVVWD, and the full faith and credit of the LVVWD is pledged to the payment of principal and interest due thereon. The LVVWD Water 7-4

7 Bonds are payable from general property taxes on all taxable property in the LVVWD, subject to Nevada constitutional and statutory limitations on the aggregate amount of property taxes. The LVVWD s Water Bonds are secured additionally by certain pledged revenues described below. The LVVWD has never levied a property tax because the LVVWD revenues have always been sufficient to pay debt service on all of the LVVWD s bonds and obligations secured by such revenues. In any year in which the total property taxes levied within the LVVWD by all applicable taxing units (e.g. the State of Nevada, Clark County, the Clark County School District, any city, or any special district including the LVVWD) exceed such property tax limitations, the reduction to be made by those units must be in taxes levied for purposes other than the payment of their bonded indebtedness, including interest on such indebtedness. Nevada statutes provide that no act concerning the LVVWD Water Bonds or their security may be repealed, amended, or modified in such a manner as to impair adversely the Bonds or their security until all of the Bonds have been discharged in full or provision for their payment and redemption has been fully made. The payment of the LVVWD Water Bonds is not secured by an encumbrance, mortgage or other pledge of property of the LVVWD, and no property shall be liable to be forfeited or taken in payment of the LVVWD Water Bonds, provided the payment of the bonds is secured by the proceeds of general (property) taxes and the LVVWD s revenues, which are pledged for the payment of the Bonds. Furthermore, section of the Bond Act provides that no recourse shall be had for the payment of principal or interest, or any prior redemption premiums due in connection with municipal securities such as the LVVWD Water Bonds, or for any claim based thereon or otherwise upon the resolution authorizing their issuance, against any individual trustee, officer, employee or other agent of the LVVWD, past, present or future, either directly or indirectly by virtue of any statute or rule of law. Pledged Revenues. The LVVWD Water Bonds are additionally secured by the revenue received from the sale and distribution of water, connection charges or otherwise derived from the works or property of the LVVWD, after payment of reasonable and necessary costs of the operation and maintenance expenses of the water system (Water System) and the general expenses of the LVVWD (Net Pledged Revenues). Operation expenses generally include the costs of the purchase of water from the SNWA, power and pumping, purification, transmission and distribution, and customer accounting and collection. The LVVWD Act authorizes the Board to establish, from time to time, reasonable rates and charges for the products and services furnished by the LVVWD's works and properties. Subject to the limitation that rates and charges must be reasonable, the Board must fix rates and charges which will produce sufficient revenues to pay (1) operating and maintenance expenses of the Water System, (2) the general expenses of 7-5

8 the LVVWD, and (3) the principal of and interest on the LVVWD's first lien bonds and second lien bonds (the "Superior Lien Bonds") including any required sinking fund payments, and (4) debt service on all other securities payable from Net Pledged Revenues. It is the general intent of the LVVWD Act and policy of the Board that rates and charges be adequate to provide for all costs and that reliance on property taxes is to be avoided. There has, historically, been no reliance on property taxes to support the LVVWD's operations and there is no current plan or intention to call upon property taxes to support the LVVWD's financial requirements. Bonded Indebtedness. The following table sets forth the LVVWD s outstanding general obligation bonded indebtedness supported by water system pledged revenues as of June 30, Authorized and Proposed Future LVVWD Water Bonds. During fiscal year , the LVVWD issued a $20 million new money bond as collateral to the State of Nevada for a State Revolving Fund (SRF) Loan. The SRF Loan is funded on a reimbursement basis. By June 30, 2015, the LVVWD is projected to have been reimbursed approximately $1.7 million. The remainder of the $20 million SRF loan will be reimbursed in fiscal year Until the entire $20 million has been completely reimbursed, the LVVWD is obligated to pay only interest on the amount reimbursed. After the $20 million has been completely reimbursed in fiscal year , the LVVWD will begin making equal semiannual payments, amortized over the remainder of the 20 year loan term. In fiscal year the LVVWD projects to issue another SRF collateral bond for $15 million, and another $15 million in fiscal year

9 EXISTING GENERAL OBLIGATION INDEBTEDNESS SUPPORTED BY WATER SYSTEM PLEDGED REVENUES Las Vegas Valley Water District, Nevada As of June 30, 2015 Original Issue Date Original Amount Outstanding OUTSTANDING BONDS LVVWD 2005A May/05 302,425,000 $ 198,070,000 LVVWD 2006A Jun/06 151,555, ,350,000 LVVWD 2006B Jul/06 75,000,000 64,545,000 LVVWD 2006C Jul/06 75,000,000 64,545,000 LVVWD 2008A Feb/08 190,760, ,000,000 LVVWD 2008-Clean Energy Jul/08 2,520,000 1,344,000 LVVWD 2010A BAB Jun/10 75,995,000 75,995,000 LVVWD 2010B Jun/10 31,075,000 29,530,000 LVVWD 2011D Oct/11 78,680,000 66,775,000 LVVWD 2012A Sep/12 39,310,000 39,310,000 SRF Loan Collateral Bond* Nov/14 20,000,000 1,700,000 Total Outstanding Bonds $ 822,164,000 *As of June 30, 2015 LVVWD is projected to have drawn down only $1.7 million of the SRF Loan. The remainder will be drawn in fiscal year and SOURCE: Las Vegas Valley Water District 7-7

10 Debt Service Requirements. See Appendix for a table showing the debt service to maturity on the LVVWD Water Bonds. Property Tax Rate Impact. Principal and interest on the LVVWD Water Bonds is payable from the Water System pledged revenues. There will be no direct impact on the property tax rate as long as pledged revenues are sufficient to pay debt service on the outstanding bonds. See Appendix for a table illustrating the LVVWD s historic pledged revenues and debt service coverage. Existing, Authorized and Proposed General Obligation Indebtedness Supported by the SNWA Pledged Revenues ( SNWA Water Bonds ). The LVVWD has issued general obligation bonds for the SNWA. The LVVWD s SNWA revenue backed bonds constitute direct and general obligations of the LVVWD, and the full faith and credit of the LVVWD is pledged to the payment of principal and interest due thereon. The LVVWD s SNWA water bonds are payable from property taxes on all taxable property within the LVVWD service area, subject to Nevada constitutional and statutory limitations on the aggregate amount of property taxes. The SNWA Bonds are additionally secured by certain pledged revenues (the SNWA Pledged Revenues ) as set forth in NRS (4). The SNWA Pledged Revenues currently consist of fees and charges for water imposed by the SNWA upon its wholesale water customers (the LVVWD, Henderson, North Las Vegas, and Boulder City). Under the SNWA Revenue Act, the SNWA is required to maintain its fees and charges for water at a level sufficient to allow it to meet its obligations to the LVVWD to pay the LVVWD s SNWA Revenue Backed Bonds. Nevada statutes provide that no act concerning the LVVWD s SNWA Revenue Backed Bonds or their security may be repealed, amended, or modified in such a manner as to impair adversely the Bonds or their security until all of the Bonds have been discharged in full or provision for their payment and redemption has been fully made. The payment of the LVVWD s SNWA Revenue Backed Bonds is not secured by an encumbrance, mortgage or other pledge of property of the SNWA (other than the SNWA Pledged Revenues) and no property shall be liable to be forfeited or taken in payment of the LVVWD s SNWA revenue backed bonds, provided the payment of the Bonds is secured by the proceeds of general (property) taxes and the SNWA Pledged Revenues, which are pledged for the payment of the Bonds. Furthermore, section of the Bond Act provides no recourse shall be had for the payment of the principal of, interest on, or any prior redemption premiums due in connection with municipal securities such as the LVVWD s SNWA revenue backed bonds, or for any claim based thereon or otherwise upon the resolution authorizing their issuance, against any individual trustee, officer, employee or other agent of the LVVWD, past, present or future, either directly or indirectly by virtue of any statute or rule of law. 7-8

11 The LVVWD has never levied a property tax to pay the LVVWD s SNWA revenue backed bonds because SNWA Pledged Revenues have always been sufficient to pay debt service on all of the LVVWD's bonds and obligations secured by such revenues. Proposed Future SNWA Water Bonds. During Fiscal Year , the LVVWD expects to issue approximately $520.4 million in new money bonds for the SNWA, primarily to fund construction of the low lake level pumping station over the next two years. The following table sets forth the LVVWD s bonds issued for the SNWA as of June 30, EXISTING GENERAL OBLIGATION INDEBTEDNESS SUPPORTED BY SNWA PLEDGED REVENUES Las Vegas Valley Water District As of June 30, 2015 OUTSTANDING Original Issue Date Original Amount Outstanding SNWA Tax Exempt Commercial Paper Mar/04 400,000,000 $ 400,000,000 SNWA 2008B Feb/08 171,720, ,335,000 SNWA 2009A BAB Aug/09 90,000,000 90,000,000 SNWA 2009B Aug/09 10,000,000 9,285,000 SNWA 2009D Dec/09 71,965,000 63,195,000 SNWA 2011A May/11 58,110,000 58,010,000 SNWA 2011B Oct/11 129,650, ,650,000 SNWA 2011C Oct/11 267,815, ,610,000 SNWA 2012B Jul/12 360,000, ,405,000 SNWA 2015 Refunding Jan/15 332,405, ,405,000 Total Outstanding $ 1,792,895,000 SOURCE: Las Vegas Valley Water District Debt Service Requirements. See Appendix for a table that shows the debt service to maturity for the LVVWD s SNWA revenue backed bonds. Property Tax Rate Impact. Principal and interest on the LVVWD s SNWA revenue backed bonds is payable from the SNWA Pledged Revenues. There will be no direct impact on the property tax rate as long as pledged revenues are sufficient to pay debt service on the outstanding bonds. 7-9

12 Debt Capacity Response to NRS (c): (2) A discussion of its capacity to incur authorized and proposed future general obligation debt without exceeding the applicable debt limit. The LVVWD does not have a dollar amount of debt limit. The LVVWD has no power to incur debt in excess of express authorization granted by the Nevada Legislature in Chapter 167, Statutes of Nevada 1947, as amended. The LVVWD s ability to issue debt is a function of its capital needs and revenues generated from LVVWD facilities. Debt Comparison (per capita and assessed valuation) Response to NRS (c): (3) A discussion of its general obligation debt that is payable from property taxes per capita as compared with such debt of other municipalities in the state. (4) A discussion of its general obligation debt that is payable from property taxes as a percentage of assessed valuation of all taxable property within the boundaries of the municipality. Currently, the LVVWD does not have any outstanding bonds payable directly from property taxes. The existing LVVWD Water Bonds and SNWA Water Bonds are payable from pledged water revenues. Policy Statement for Sale of Debt Response to NRS (c): (5) Policy regarding the manner in which the municipality expects to sell its debt. There are two ways bonds can be sold: competitive (public) or negotiated sale. NRS to sets forth the circumstances under which a local government will sell its bonds at a competitive or negotiated sale. The LVVWD will follow the statutory requirements in determining the method of sale for its bonds. The Government Finance Officers Association also urges competitive sales should be used to market debt whenever feasible. Competitive and negotiated sales provide for one or more pricings, depending upon market conditions or other factors. Either method can provide for changing sale dates, issue size, maturity amounts, term, bond features, etc. The timing of any sale is generally related to the requirements of the Nevada Open Meeting Law. Competitive Sale. In a competitive sale, all underwriter(s) are invited to submit a proposal to purchase an issue of bonds. The bonds are awarded to the underwriter(s) presenting the best bid according to stipulated criteria set forth in the notice of sale. The best bid is determined based on the lowest overall interest rate. Negotiated Sale. 7-10

13 In a negotiated sale, an exclusive arrangement is made between the issuer and an underwriter or underwriting syndicate. At the end of successful negotiations, the issue is awarded to the underwriter. A negotiated underwriting may be considered based upon one or more of the following criteria: Extremely large issue size Complex financing structure (i.e. new security feature, variable rate financings, new derivatives, and certain revenue issues, etc.) which provides a desirable benefit to the LVVWD Difficulty in marketing due to credit rating or lack of bids Private placement, or sale to a municipality, to the state, or a federal agency Other factors which lead the LVVWD to conclude that competitive sale would not be effective It is the policy of the LVVWD to provide minority owned business enterprises, women owned business enterprises and all other business enterprises an equal opportunity to participate in the performance of all LVVWD contracts. At competitive sale, bidders are requested to assist the LVVWD in implementing this policy by taking all reasonable steps to ensure all available business enterprises, including minority and women business enterprises, ha have an equal opportunity to participate in the LVVWD contracts. Underwriter Selection for Negotiated Sale. The Director of Finance will establish a list of pre-qualified underwriters when a negotiated sale is anticipated. The list will be based on firms that have submitted, as a part of the syndicate, bids for the LVVWD competitive bond issues during the past five years. The Director of Finance will send the request for proposal (RFP) to every underwriter on the list. The Director of Finance will determine the format of the RFP. Spread quotation for: (1) management fee, (2) direct expenses, (3) underwriting fee, and (4) takedown (or sales concession) will be obtained from each firm. The proposals will be evaluated on responsiveness, experience, and cost. The book-running senior manager and other members of the underwriting syndicate will be designated by the Director of Finance and ratified by the Board of Trustees. It is the LVVWD's intent, once a team is established, to provide equal opportunity for the position of book-running senior manager. The Director of Finance will rotate the book-running senior manager on a deal by deal basis (i.e., when more than one issue is being sold for the same project having different dated dates) to provide 7-11

14 equal opportunity to all members of the syndicate. The underwriting team should be balanced with firms having institutional, retail, and regional sales strengths. Qualified minority and/or woman owned firms will be included in the underwriting team and will be given an equal opportunity to be senior manager. The size of issue will determine the number of members in the underwriting team and whether more than one senior manager is desirable. Underwriting Spread. Before work commences on a bond issue to be sold at negotiated sale, the underwriter shall provide the Director of Finance a detailed estimate of all components of their compensation. Such estimates should be contained in the RFP or provided immediately after their designation as underwriter. The book-running senior manager must provide an updated estimate of the expense component of the gross spread to the Director of Finance no later than one week prior to the day of pricing. Establishment of a Selling Group. When deemed appropriate by the Director of Finance, a selling group will also be established to assist the underwriting team in the marketing of the bond issue. Priority of Orders. The priority of orders to be established for negotiated sales is as follows: 1. Nevada Investors 2. Group Orders 3. Designated Orders 4. Member Orders For underwriting syndicates with three or more underwriters, a three firm rule for net designated orders will be established as follows; The designation of takedown on net designated orders is to benefit at least three firms of the underwriting team. No more than 50 percent of the takedown may be designated to any one firm. No less than 10 percent of the takedown will be designated to any one firm. Retentions. If the use of retentions is desirable, the Director of Finance will approve the percentage (up to 30 percent) of term bonds to be set aside. The amount of total retention will be allocated to each member of the underwriting team, in accordance with their respective underwriting liability, which is approved by the Director of Finance. Allocation of Bonds. The book-running senior manager will be responsible for ensuring that the overall allocation of bonds meets the LVVWD's goals of obtaining the best price for the issue and a balanced distribution of the bonds. 7-12

15 The Director of Finance must approve the final bond allocation process with input from the book-running senior manager. Operation Costs and Revenue Sources for Projects in Capital Improvement Plan Response to NRS (c): (7) A discussion of its operational costs and revenue sources, for the ensuing 5 fiscal years, associated with each project included in its plan for capital improvement submitted pursuant to paragraph (c), if those costs and revenues are expected to affect the tax rate. As illustrated in the Net Pledged Revenues table in the Appendix of this document, operational costs are funded with water revenues. It is the LVVWD's intent to finance future operational costs with water revenues and will therefore have no effect on property taxes. New capital improvement projects will allow the LVVWD to expand the service area, thereby expanding the revenue base. New capital improvement projects will be funded with water revenues or bonds payable from water revenues. Miscellaneous Items Refundings. Advance Refunding - A method of providing for payment of debt service on a bond until the first call date or designated call date from available funds. Advance refundings are done by issuing a new bond or using available funds and investing the proceeds in an escrow account in a portfolio of U.S. government securities structured to provide enough cash flow to pay all debt service on the refunded bonds. Current Refunding - The duration of the escrow is 90 days or less. Gross Savings - Difference between debt service on refunded bonds less debt service on refunding bonds plus any contribution from a reserve or debt service fund. Present Value Savings - Present value of gross savings discounted at the refunding bond yield to the closing date plus accrued interest less any contribution from a reserve or debt service fund. Prior to beginning a refunding bond issue the LVVWD will review an estimate of the savings achievable from the refunding. The LVVWD may also review a pro forma schedule estimating the savings assuming that the refunding is done at various points in the future. A refunding is generally the underwriting of a new bond issue whose proceeds are used to redeem an outstanding issue. Key definitions are described as follows: 7-13

16 The LVVWD will generally consider refunding outstanding bonds if one or more of the following conditions exist: Present value savings are estimated to be at least 3 percent of the par amount of the refunding bonds when initially presented to the Board. The bonds to be refunded have restrictive or outdated covenants. Restructuring debt is deemed to be desirable. The LVVWD may pursue a refunding not meeting the above criteria if: Present value savings exceed the costs of issuing the bonds. Current savings are acceptable when compared to savings that could be achieved by waiting for more favorable interest rates and/or call premiums. Debt Structure. Maturity Structures. The term of the LVVWD debt issues should not extend beyond the useful life of the project or equipment financed. When appropriate, debt issued by the LVVWD should be structured to provide for either level principal or level debt service. Deferring the repayment of principal should generally be avoided except in instances where it will take a period of time before project or other revenues of the LVVWD are sufficient to pay debt service, or where the deferral of principal allows the LVVWD to achieve combined level debt service on all outstanding bonds. Bond Insurance. The purchase of bond insurance may be considered as part of the structure of a bond issue. A bond insurance policy may be purchased by either an issuer or by an underwriter for either an entire issue or specific maturities to guarantee the payment of principal and interest. While this security provides a higher credit rating and thus a lower borrowing cost for an issuer, such cost savings must be measured against the premium required for such insurance. The decision to purchase insurance directly versus bidder's option is based on: Market volatility Current investor demand for insured bonds Level of insurance premiums Ability of the LVVWD to purchase bond insurance from bond proceeds Bond insurance can be purchased directly by the LVVWD prior to the bond sale (direct purchase) or at the underwriter's option and expense (bidder's option). The LVVWD will attempt to qualify its bond issues for insurance with bond insurance companies rated AAA by Moody's Investors Service and Standard & Poor's Corporation. When insurance is purchased directly by the LVVWD, the present value of the estimated debt service savings from insurance should be at least equal to or greater than the insurance premium. The bond insurance company will usually be chosen based on an estimate of the greatest net present value 7-14

17 insurance benefit (present value of debt service savings less insurance premium). Financing Sources. The LVVWD will evaluate available State and County bond financing programs before choosing the financing source. The LVVWD will consider utilizing a State or County program if bonds can be sold by the State or County in a manner meeting the LVVWD's timing needs and if two or more of the following conditions are expected: The LVVWD will benefit from the credit rating. The LVVWD will reduce its issuance costs by combining with other participants. The LVVWD will be able to approve the structure of the bonds. The utilization of the programs is the most cost-effective source of funds. 7-15

18 Director of Finance Information NRS Subsection 1(e) A statement containing the name, title, mailing address and telephone number of the chief financial officer of the municipality. NAME: TITLE: ADDRESS: Gina L. Neilson Acting Director of Finance 1001 South Valley View Boulevard Las Vegas, NV TELEPHONE: (702)

19 Appendix Debt Service and Pledged Revenue Tables 1. Five Year Schedule of Debt Service Requirements 2. Combined Outstanding Debt Service Schedule 3. Net Pledged Revenues 4. Existing and Propose Debt Service 5. Existing Debt Service by Company 7-17

20 Fiscal Year Type of Debt G/O Revenue/LVVWD 1 $ 63,354,926 $ 64,407,838 $ 65,624,384 $ 66,350,290 $ 66,574,356 G/O Revenue/SNWA Las Vegas Valley Water District Five Year Schedule of Debt Service Requirements As of June 30, $ 515,534,727 $ 107,986,546 $ 107,974,852 $ 107,980,376 $ 107,988,678 Total 3 $ 578,889,652 $ 172,394,384 $ 173,599,236 $ 174,330,666 $ 174,563,034 1 This is debt service on $822,164,000 outstanding principal balance of LVVWD debt secured by LVVWD water system revenues. 2 This is debt service on $1,792,895,000 outstanding principal balance of LVVWD debt secured by SNWA pledged revenues in accordance with interlocal agreements. 3 Fiscal year debt service includes $400,000,000 of tax-exempt commercial paper notes. We will most likely pay only the interest due on those notes when they mature and roll the principal into new commercial paper notes. 7-18

21 Combined Schedule of Debt Service Requirements As of June 30, 2015 Fiscal Year Principal Interest Total ,513, ,376, ,889, ,004,839 97,389, ,394, ,983,018 94,616, ,599, ,959,419 91,371, ,330, ,887,135 87,675, ,563, ,031,344 83,773, ,805, ,247,084 79,814, ,062, ,734,395 75,605, ,339, ,240,318 71,228, ,468, ,280,894 66,474, ,755, ,728,167 61,392, ,120, ,697,179 56,010, ,708, ,097,977 51,831, ,929, ,260,605 49,042, ,302, ,555,113 46,130, ,685, ,101,547 43,072, ,173, ,654,958 40,428, ,083, ,265,398 36,818, ,084, ,747,918 32,810, ,558, ,048,628 28,629, ,677, ,854,477 24,320, ,174, ,715,000 19,826, ,541, ,465,000 15,660, ,125, ,320,000 10,168, ,488, ,890,000 3,686,491 41,576, ,530,000 2,076,000 23,606, ,545,000 1,061,900 23,606,900 Totals $ 2,663,359,000 $ 1,376,293,158 $ 4,039,652,158 Secured by: LVVWD Water Revenues $ 870,464,000 $ 401,856,217 $ 1,272,320,217 SNWA Pledged Revenues $ 1,792,895,000 $ 974,353,936 $ 2,767,248,

22 Las Vegas Valley Water District Net Pledged Revenues For the Fiscal Years Ended June 30 Budgeted Budgeted Fiscal Year Revenues Operating Income $ 336,396,722 $ 336,432,153 $ 338,947,519 $ 341,590,830 $ 356,807,070 Facilities Connection Charges 2,669,480 6,867,660 11,049,850 8,900,000 2,800,000 Investment Income 1 601, ,072 1,094, ,000 1,400,000 Total Revenues 339,667, ,555, ,092, ,990, ,007,070 Operating Expenses 253,808, ,358, ,968, ,888, ,825,940 Net Pledged Revenues 85,859,000 97,197,411 98,123,774 87,102,401 95,181,130 Annual Debt Service 2 56,994,477 65,794,403 63,155,932 63,063,019 63,354,926 Net Pledged Revenue $ 28,864,523 $ 31,403,008 $ 34,967,842 $ 24,039,382 $ 31,826,204 After Debt Service Debt Coverage Ratio Includes realized investment earnings on unrestricted assets only. Does not include unrealized gains or losses. 2 LVVWD has issued debt for SNWA that is supported by a pledge of SNWA revenues. Debt service reported here is only for debt directly supported by LVVWD operating revenues. It does not include debt issued for SNWA and supported by SNWA pledged revenues. 7-20

23 Existing Debt 1 Proposed Debt $50 Million SRF Loan 2 Fiscal Fiscal Year Principal Interest Total Year Principal Interest Total ,108,000 33,224,335 62,332, , ,005 1,022, ,568,000 31,962,726 62,530, ,186, ,273 1,877, ,028,000 30,695,392 62,723, ,860,018 1,040,974 2,900, ,593,000 29,344,358 62,937, ,231,419 1,181,513 3,412, ,283,000 27,878,424 63,161, ,289,135 1,123,797 3,412, ,048,000 26,338,315 63,386, ,348,344 1,064,588 3,412, ,918,000 24,720,806 63,638, ,409,084 1,003,848 3,412, ,743,000 23,158,922 63,901, ,471, ,537 3,412, ,515,000 21,495,773 64,010, ,535, ,614 3,412, ,660,000 19,634,573 64,294, ,600, ,037 3,412, ,945,000 17,663,161 64,608, ,668, ,765 3,412, ,200,000 15,590,398 55,790, ,737, ,753 3,412, ,840,000 13,866,742 44,706, ,807, ,955 3,412, ,400,000 12,681,748 45,081, ,880, ,326 3,412, ,005,000 11,453,627 45,458, ,955, ,819 3,412, ,690,000 10,163,876 45,853, ,031, ,385 3,412, ,470,000 8,808,448 46,278, ,109, ,974 3,412, ,260,000 7,384,648 37,644, ,190, ,534 3,412, ,775,000 6,343,881 38,118, ,272, ,014 3,412, ,380,000 5,227,602 38,607, ,983,628 64,131 2,047, ,070,000 4,054,833 39,124, ,004,477 19,402 1,023, ,695,000 2,821,449 19,516, ,555,000 2,054,910 19,609, ,390,000 1,249,141 17,639, ,325, ,891 17,966, Totals 820,464, ,459,977 1,208,923,977 Totals 50,000,000 13,479,244 63,479,244 Existing & Proposed Combined Fiscal Year Principal Interest Total ,533,586 33,821,339 63,354, ,754,839 32,652,999 64,407,838 1 Excluding debt issued on behalf of SNWA ,888,018 31,736,366 65,624,384 State Revolving Fund Loan. Maximum of $ ,824,419 30,525,870 66,350,290 million expected to be drawn in three tranches ,572,135 29,002,221 66,574,356 of $20, $15 and $15 million by fiscal year ,396,344 27,402,903 66,799, ,327,084 25,724,654 67,051, ,214,395 24,100,458 67,314, ,050,318 22,373,387 67,423, ,260,894 20,446,611 67,707, ,613,167 18,407,926 68,021, ,937,179 16,266,151 59,203, ,647,977 14,471,697 48,119, ,280,605 13,214,074 48,494, ,960,113 11,911,446 48,871, ,721,547 10,545,261 49,266, ,579,958 9,111,422 49,691, ,450,398 7,607,182 41,057, ,047,918 6,483,895 41,531, ,363,628 5,291,733 40,655, ,074,477 4,074,235 40,148, ,695,000 2,821,449 19,516, ,555,000 2,054,910 19,609, ,390,000 1,249,141 17,639, ,325, ,891 17,966, Totals 870,464, ,939,221 1,272,403,221 Existing and Proposed Debt Service As of June 30,

24 Supported by LVVWD Pledged Revenues Supported by SNWA Pledged Revenues Fiscal Fiscal Year Principal Interest Total Year Principal Interest Total 2016 $ 29,533,586 $ 33,738,335 $ 63,271, $ 443,980,000 $ 71,554,727 $ 515,534, ,754,839 32,652,999 64,407, ,250,000 64,736, ,986, ,888,018 31,736,366 65,624, ,095,000 62,879, ,974, ,824,419 30,525,870 66,350, ,135,000 60,845, ,980, ,572,135 29,002,221 66,574, ,315,000 58,673, ,988, ,396,344 27,402,903 66,799, ,635,000 56,370, ,005, ,327,084 25,724,654 67,051, ,920,000 54,090, ,010, ,214,395 24,100,458 67,314, ,520,000 51,505, ,025, ,050,318 22,373,387 67,423, ,190,000 48,854, ,044, ,260,894 20,446,611 67,707, ,020,000 46,027, ,047, ,613,167 18,407,926 68,021, ,115,000 42,984, ,099, ,937,179 16,266,151 59,203, ,760,000 39,744,834 87,504, ,647,977 14,471,697 48,119, ,450,000 37,360,188 67,810, ,280,605 13,214,074 48,494, ,980,000 35,828,151 67,808, ,960,113 11,911,446 48,871, ,595,000 34,219,113 67,814, ,721,547 10,545,261 49,266, ,380,000 32,527,025 56,907, ,579,958 9,111,422 49,691, ,075,000 31,317,200 73,392, ,450,398 7,607,182 41,057, ,815,000 29,211,500 87,026, ,047,918 6,483,895 41,531, ,700,000 26,326,987 87,026, ,363,628 5,291,733 40,655, ,685,000 23,337,482 87,022, ,074,477 4,074,235 40,148, ,780,000 20,246,166 87,026, ,695,000 2,821,449 19,516, ,020,000 17,004,608 87,024, ,555,000 2,054,910 19,609, ,910,000 13,605, ,515, ,390,000 1,249,141 17,639, ,930,000 8,919, ,849, ,325, ,891 17,966, ,565,000 3,044,600 23,609, ,530,000 2,076,000 23,606, ,545,000 1,061,900 23,606,900 Totals $ 870,464,000 $ 401,856,217 $ 1,272,320,217 Totals $ 1,792,895,000 $ 974,353,936 $ 2,767,248,936 LVVWD & SNWA Combined Debt Service Fiscal Year Principal Interest Total 2016 $ 473,513,586 $ 105,293,061 $ 578,806, ,004,839 97,389, ,394, ,983,018 94,616, ,599, ,959,419 91,371, ,330, ,887,135 87,675, ,563, ,031,344 83,773, ,805, ,247,084 79,814, ,062, ,734,395 75,605, ,339, ,240,318 71,228, ,468, ,280,894 66,474, ,755, ,728,167 61,392, ,120, ,697,179 56,010, ,708, ,097,977 51,831, ,929, ,260,605 49,042, ,302, ,555,113 46,130, ,685, ,101,547 43,072, ,173, ,654,958 40,428, ,083, ,265,398 36,818, ,084, ,747,918 32,810, ,558, ,048,628 28,629, ,677, ,854,477 24,320, ,174, ,715,000 19,826, ,541, ,465,000 15,660, ,125, ,320,000 10,168, ,488, ,890,000 3,686,491 41,576, ,530,000 2,076,000 23,606, ,545,000 1,061,900 23,606,900 Totals $ 2,663,359,000 $ 1,376,210,153 $ 4,039,569,153 Existing Debt Service by Company As of June 30,

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