DEBT MANAGEMENT POLICY ANNUAL UPDATE HUMBOLDT COUNTY, NEVADA

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1 DEBT MANAGEMENT POLICY ANNUAL UPDATE HUMBOLDT COUNTY, NEVADA July, 2015

2 TABLE OF CONTENTS I. INTRODUCTION 1 II. ABILITY TO AFFORD EXISTING GENERAL OBLIGATION DEBT, AUTHORIZED FUTURE GENERAL OBLIGATION DEBT AND PROPOSED FUTURE GENERAL OBLIGATION DEBT (NRS (C)(1)). SOURCES OF MONEY PROJECTED TO BE AVAILABLE TO PAY EXISTING GENERAL OBLIGATION DEBT, AUTHORIZED FUTURE GENERAL OBLIGATION DEBT AND PROPOSED FUTURE GENERAL OBLIGATION DEBT (NRS (C)(6)). III. OPERATIONAL COSTS AND REVENUE SOURCES FOR THE ENSUING 5 YEARS ASSOCIATED WITH EACH PROJECT INCLUDED IN ITS PLAN FOR CAPITAL IMPROVEMENTS, IF THOSE COSTS AND REVENUES ARE EXPECTED TO AFFECT THE TAX RATE (NRS (C)(7)). 2 5 IV. CAPACITY TO INCUR AUTHORIZED AND PROPOSED FUTURE GENERAL OBLIGATION DEBT WITHOUT EXCEEDING THE APPLICABLE DEBT LIMIT (NRS (C)(2)). 5 V. GENERAL OBLIGATION DEBT THAT IS PAYABLE FROM PROPERTY TAXES PER CAPITA AS COMPARED WITH SUCH DEBT OF OTHER MUNICIPALITIES IN THIS STATE (NRS (C)(3)). 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 (NRS (C)(4)). 6 VI. POLICY STATEMENT REGARDING THE MANNER IN WHICH THE LOCAL GOVERNMENT EXPECTS TO SELL ITS DEBT (NRS (C)(5)). 7

3 I. INTRODUCTION Humboldt County (the County ) has a Capital Improvement Plan ( CIP ) adopted annually by Resolution of the Board of County Commissioners which is a multiyear planning document that identifies and prioritizes the need for a variety of public improvements and coordinates financing and construction time frames. The CIP is a process that provides order and continuity for the repair, replacement, construction or expansion of the County s capital assets. With revenue limitations in mind, the County s CIP focuses primarily on the County s more immediate needs. Legislation described herein requires local governments to prepare a debt management policy prior to incurring general obligation debt and requires annual updates of that policy. This annual update is not intended to review the County s total financial position. Analysis of the County s debt position is important, as future growth in the County may result in an increased need for capital financing. Resources, as well as needs, should drive the County s debt issuance program. Decisions regarding the use of debt will be based in part on the longterm needs of the County and the amount of equity (cash) dedicated in a given fiscal year to capital outlay. Listed below are excerpts from Nevada Law which require local governments to submit a debt management policy and annual updates: NRS 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 this 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 (d), if those costs and revenues are expected to affect the tax rate. 3. Except as otherwise provided in subsection 4, the governing body of each municipality shall update all statements and plans required by subsection 1 not less frequency than once each fiscal year. PAGE 1 Humboldt County Debt Management Policy Update 7115

4 II. ABILITY TO AFFORD EXISTING, AUTHORIZED FUTURE GENERAL OBLIGAION DEBT AND PROPOSED FUTURE GENERAL OBLIGATION DEBT (NRS (C)(1)). SOURCES OF MONEY PROJECTED TO BE AVAILABLE TO PAY EXISTING, AUTHORIZED FUTURE GENERAL OBLIGATION DEBT AND PROPOSED FUTURE GENERAL OBLIGATION DEBT (NRS (C)(6)). A. OUTSTANDING GENERAL OBLIGATION BONDS Humboldt County has no General Obligation Debt. GENERAL FUND STATEMENT OF REVENUES AND EXPENDITURES HUMBOLDT COUNTY, NEVADA Fiscal year Ended 6/ Actual 2012 Actual 2013 Actual 2014 Actual 2015 Estimated REVENUES PROPERTY TAXES $4,023,434 $5,107,200 $5,671,238 $4,318,246 $2,481,188 LICENSES.& PERMITS $1,023,409 $1,056,752 $1,378,783 $1,322,921 $711,000 INTERGOVERNMENTAL $9,185,319 $9,718,552 $12,094,293 $10,832,258 $8,800,000 CHARGES FOR SERVICES $454,390 $498,640 $445,278 $436,824 $332,200 FINES & FORFEITS $637,393 $554,345 $515,325 $591,712 $607,000 MISCELLANEOUS $420,323 $580,220 $515,325 $459,156 $120,000 TOTAL REVENUES $15,744,268 $17,515,709 $20,443,332 $17,961,117 $13,051,388 EXPENDITURES GENERAL GOVERNMENT $4,552,064 $5,069,194 $4,953,566 $5,281,515 $7,056,593 PUBLIC SAFETY $5,789,567 $5,917,695 $6,759,181 $7,237,450 $7,753,995 JUDICIAL $1,976,330 $2,010,093 $2,197,722 $2,247,640 $2,524,736 PUBLIC WORKS $19,791 $20,285 $20,466 $21,846 $22,000 HEALTH $256,753 $330,349 $252,759 $259,416 $338,648 CULTURE & RECREATION COMMUNITY SUPPORT $794,106 $850,436 $1,193,305 $1,029,421 $526,000 INTERGOVERNMENTAL $457,356 $433,564 $419,706 $507,028 $606,000 TOTAL EXPENDITURES $13,848,467 $14,634,116 $15,799,205 $16,586,816 $18,830,472 EXCESS (DEFICIENCY) OF REVENUES OVER EXPENDITURES $1,895,801 $14,634,116 $4,644,127 $1,374,301 ($5,779,084) OTHER FINANCING SOURCES (USES) OPERATING TRANSFERS IN $83,084 $5,000 $5,000 $5,000 $5,000 OPERATING TRANSFERS OUT (98,200) (87,820) CONTINGENCY ($350,000) FUND BALANCE JULY 1 $10,821,052 $12,799,937 $15,686,525 $17,249,672 $18,530,773 FUND BALANCE JUNE 30 $12,799,937 $15,686,530 $17,249,672 $18,530,773 $12,318,869 SOURCE: HUMBOLDT COUNTY PAGE 2 Humboldt County Debt Management Policy Update 7115

5 III. OPERATIONAL COSTS AND REVENUE SOURCES FOR THE ENSUING 5 YEARS ASSOCIATED WITH EACH PROJECT INCLUDED IN ITS PLAN FOR CAPITAL IMPROVEMENTS, IF THOSE COSTS AND REVENUES ARE EXPECTED TO AFFECT THE TAX RATE (NRS (C)(7)). The County s multiyear Capital Improvement Plan ( CIP ), adopted annually by Resolution of the Board of County Commissioners, identifies various capital projects, some of which may require general obligation financing. Those which may require general obligation financing are discussed below. The timing of these projects and the actual financing needs have not been determined at this time. Prior to any of the projects being financed with longterm general obligation bonds, Humboldt County Debt Management Commission approval would be required. Medium term bonds (10 years or less) require Department of Taxation approval. NONE IV. CAPACITY TO INCUR FUTURE GENERAL OBLIGATION DEBT WITHOUT EXCEEDING THE APPLICABLE DEBT LIMIT (NRS (C)(2)). State statutes limit the aggregate principal amount of the County s general obligation debt to 10% of the County s total assessed valuation. Based upon Fiscal Year assessed valuation of $1,341,476,202 the County s debt limit for general obligations is $134,147,620 with 0 of such debt to which the limit applies outstanding and the future financings discussed herein as of June 30, The following table illustrates the County s general obligation statutory debt limitation. STATUTORY DEBT CAPACITY Humboldt County, Nevada June 30, 2015 Statutory Debt Limitation $134,147,620 Outstanding General Obligation Indebtedness 0 Plus: Future Financings NONE Total Outstanding and Future Financings 0 Additional Statutory Debt Limitation $134,147,620 SOURCE: HUMBOLDT COUNTY PAGE 3 Humboldt County Debt Management Policy Update 7115

6 V. GENERAL OBLIGATION DEBT THAT IS PAYABLE FROM AD VALOREM TAXES PER CAPITA AS COMPARED WITH SUCH DEBT OF OTHER MUNICIPALITIES IN THIS STATE (NRS (C) (3)). GENERAL OBLIGATION DEBT THAT IS PAYABLE FROM AD VALOREM TAXES AS A PERCENTAGE OF ASSESSED VALUATION OF ALL TAXABLE PROPERTY WITHIN THE BOUNDARIES OF THE MUNCIPALITY (NRS (C) (4)). DEBT RATIO COMPARISONS COUNTY TOTAL GENERAL OBLIGATION DEBT AS OF POPULATION AS FY 2015 ASSESSED VALUATION FY 2015 GENERAL OBLIGATION DEBT PER CAPITA GENERAL OBLIGATION DEBT AS A % OF ASSESSED VALUE HUMBOLDT $0 17,388 $1,341,476,202 $0 0.00% LANDER $0 6,560 $1,202,751,794 $0 0.00% ELKO $0 53,358 $1,838,648,027 $0 0.00% CHURCHILL $904,483 25,103 $701,513,275 $ % SOURCE: DEPARTMENT OF TAXATION FINAL BUDGET ESTIMATES & COUNTY FINANCE OFFICES. VI. A POLICY STATEMENT REGARDING THE MANNER IN WHICH THE LOCAL GOVERNMENT EXPECTS TO SELL ITS DEBT (NRS (C) (5)). There are two ways bonds can be sold: competitive (public) or negotiated sale. The Government Finance Officers Association 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 issue size, maturity amounts, term bond features, etc. The timing of competitive and negotiated sales is generally related to the requirements of the Nevada Open Meeting Law. Competitive Sale With a competitive sale, any interested underwriter(s) is 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 usually determined based on the lowest overall interest rate. Competitive sales should be used for all issues unless circumstances dictate otherwise. Negotiated Sale A securities sale through an exclusive arrangement between the issuer and an underwriter or underwriting syndicate. At the end of successful negotiations, the issue is awarded to the underwriters. Negotiated underwriting may be considered based on one or more of the following criteria: Extremely large issue size. Complex financing structure (i.e., variable rate financings, new derivatives and certain revenue issues, etc.) which provides a desirable benefit to the County. Comparatively lesser credit rating. Other factors which lead the County to conclude that a competitive sale would not be effective. PAGE 4 Humboldt County Debt Management Policy Update 7115

7 Miscellaneous Debt Service Fund Balance A debt service fund balance provides a ready reserve to meet current debt service payments should moneys not be available from current revenues. It is the County s policy to strive for a debt service fund balance equal to one year of principal and interest on its voterapproved debt. Refundings 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: 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 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 refunding bonds and refunded bonds less 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 County will review an estimate of the savings achievable from the refunding. The County may also review a pro forma schedule estimating the savings assuming that the refunding is done at various points in the future. The County will generally consider refunding outstanding bonds if one or more of the following conditions exist: 1. Present value savings are at least 3% of the par amount of the refunding bonds. 2. The bonds to be refunded have restrictive or outdated covenants. 3. Restructuring debt is deemed to be desirable. The County may pursue a refunding not meeting the above criteria if: 1. Present value of savings exceeds the costs of issuing the bonds. 2. Current savings are acceptable when compared to savings that could be achieved by waiting for more favorable interest rates and/or call premiums. Debt Structuring Maturity structures The term of County debt issues should not extend beyond the useful life of the project or equipment financed. The repayment of principal on tax supported debt should generally not extend beyond 20 years unless there are compelling factors which make it necessary to extend the term beyond this point. PAGE 5 Humboldt County Debt Management Policy Update 7115

8 Debt issued by the County should be structured to provide for generally level debt service. Deferring the repayment of principal should be avoided except in select instances where it will take a period of time before project revenues are sufficient to pay debt service. Bond Insurance Bond insurance is an insurance policy purchased by an issuer or an underwriter for either an entire issue or specific maturities, which guarantees the payment of principal and interest. This security provides a higher credit rating and thus a lower borrowing cost for an issuer. Bond insurance can be purchased directly by the County prior to the bond sale (direct purchase) or at the underwriter s option and expense (bidder s option). The County 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. The decision to purchase insurance directly versus bidder s option is based on: volatile markets current investor demand for insured bonds level of insurance premiums ability of the County to purchase bond insurance from bond proceeds When insurance is purchased directly by the County, 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 insurance benefit (present value of debt service savings less insurance premium). Equal Opportunity It is the policy of the County to provide minority business enterprises, women business enterprises and all other business enterprises an equal opportunity to participate in the performance of all County contracts. At competitive sale, bidders are requested to assist the county in implementing this policy by taking all reasonable steps to ensure that all available business enterprises, including minority and women business enterprises have an equal opportunity to participate in County contracts. PAGE 6 Humboldt County Debt Management Policy Update 7115

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