CLARK COUNTY WATER RECLAMATION DISTRICT Clark County, Nevada

Transcription

1 CLARK COUNTY WATER RECLAMATION DISTRICT Clark County, Nevada $55,000,000 GENERAL OBLIGATION WATER RECLAMATION BONDS, SERIES 2007 DATED: NOVEMBER 13, 2007 BASE CUSIP : $135,000,000 GENERAL OBLIGATION WATER RECLAMATION BONDS, SERIES 2009A DATED: APRIL 1, 2009 BASE CUSIP : $115,825,000 GENERAL OBLIGATION WATER RECLAMATION BONDS, SERIES 2008 DATED: NOVEMBER 20, 2008 BASE CUSIP : $125,000,000 GENERAL OBLIGATION WATER RECLAMATION BONDS, SERIES 2009B DATED: APRIL 1, 2009 BASE CUSIP : ANNUAL CONTINUING DISCLOSURE INFORMATION STATEMENT As of March 22, 2013 Also available at: Copyright, American Banker's Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number.

2 LIST OF PARTICIPANTS CLARK COUNTY WATER RECLAMATION DISTRICT HTUwww.cleanwaterteam.comUTH Bridgette McInally Financial Services Manager 5857 E. Flamingo Rd. Las Vegas, Nevada (702) DISCLOSURE CONSULTANT & DISSEMINATION AGENT Willdan Financial Services * Temecula, California (951) BONDS UNDERWRITER 2008 BONDS UNDERWRITER 2009 BONDS UNDERWRITER Merrill Lynch & Co., Incorporated Robert W. Baird & Co. Incorporated J.P. Morgan Securities Inc. BOND AND SPECIAL COUNSEL Swendseid & Stern a member in Sherman & Howard, L.L.C. Las Vegas and Reno, Nevada TRUSTEE Caresse Tankersley The Bank of New York Mellon Trust Company, N.A Bryan Street, 11th Floor Dallas, Texas (214) * In its role as Disclosure Consultant and Dissemination Agent, Willdan Financial Services has not passed upon the accuracy, completeness or fairness of the statements contained herein.

3 TABLE OF CONTENTS I. INTRODUCTION... 1 II. BOND INFORMATION... 3 A. PRINCIPAL OUTSTANDING... 3 III. FINANCIAL INFORMATION... 3 A. SUMMARY OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS.. 4 B. LONG-TERM DEBT... 5 IV. OPERATING INFORMATION... 6 A. HISTORICAL NET PLEDGED REVENUES... 6 B. AVERAGE DAILY FLOWS... 7 C. CURRENT DISTRICT ANNUAL SEWER SERVICE CHARGES... 7 D. CURRENT SYSTEM DEVELOPMENT APPROVAL CHARGES... 7 E. HISTORY OF ERU S SERVED... 8 F. HISTORY OF CUSTOMERS ACCOUNTS AND ERU S... 9 G. TEN LARGEST DISTRICT CUSTOMERS... 9 H. CLARK COUNTY TEN LARGEST TAXPAYERS I. PROPERTY TAX LEVIES AND COLLECTIONS J. HISTORY OF ASSESSED VALUE V. REPORTING OF SIGNIFICANT EVENTS APPENDIX Clark County Water Reclamation District

4 I. INTRODUCTION Pursuant to an Official Statement dated October 23, 2007, the Clark County Water Reclamation District (the District ) issued $55,000,000 General Obligation Water Reclamation Bonds, Series 2007 (the 2007 Bonds ). The proceeds of the 2007 Bonds were used to construct, reconstruct, improve and extend the District s sanitary sewer system. Pursuant to an Official Statement dated October 30, 2008, the District issued $115,825,000 General Obligation Water Reclamation Bonds, Series 2008 (the 2008 Bonds ). The proceeds of the 2008 Bonds were used to construct, reconstruct, improve and extend the District s sanitary sewer system. Pursuant to an Official Statement dated March 11, 2009, the District issued $135,000,000 General Obligation Water Reclamation Bonds, Series 2009A and $125,000,000 General Obligation Water Reclamation Bonds, Series 2009B (collectively, the 2009 Bonds ). The proceeds of the 2009 Bonds were used to construct, reconstruct, improve and extend the District s sanitary sewer system. Within this report, the 2007 Bonds, 2008 Bonds, and 2009 Bonds will be referred to as the Bonds. The District, originally named the Clark County Sanitation District No. 1, was created in 1954 to provide sanitary sewer facilities to certain unincorporated areas of Clark County, Nevada (the County ). The District owns and operates a system of sanitary sewer facilities (the System ) that provide for the collection, treatment and disposal of wastewater within its service area. The Bonds constitute direct and general obligations of the District. The full faith and credit of the District is pledged for the payment of principal and interest, subject to State constitutional and statutory limitations on the aggregate amount of ad valorem taxes. The Bonds are additionally secured by a pledge of certain Net Pledged Revenues as defined within the Official Statements. This Annual Continuing Disclosure Information Statement is being provided pursuant to a covenant made by the District for the benefit of the holders of the Bonds and includes the information specified in the Continuing Disclosure Certificates. For further information and a more complete description of the District and the Bonds, reference is made to the Official Statements. 2011/12 Clark County Water Reclamation District 1

5 The information set forth herein has been furnished by the District and by sources, which are believed to be accurate and reliable but is not guaranteed as to accuracy or completeness. Statements contained in this Annual Continuing Disclosure Information Statement that involve estimates, forecasts, or other matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. Further, the information and expressions of opinion contained herein are subject to change without notice and the delivery of this Annual Continuing Disclosure Information Statement will not, under any circumstances, create any implication that there has been no change in the affairs of the District or any other parties described herein. 2011/12 Clark County Water Reclamation District 2

6 II. BOND INFORMATION A. PRINCIPAL OUTSTANDING GENERAL OBLIGATION BONDS SUPPORTED BY SEWER REVENUES Clark County Water Reclamation District, Nevada As of December 31, 2012 General Obligation Sewer Revenue Supported Bonds Issuance Date Original Amount Amount Outstanding Water Reclamation Bonds, Series /30/2007 $55,000,000 $54,900,000 Water Reclamation Bonds, Series /20/ ,825, ,825,000 Water Reclamation Bonds, Series 2009A 04/01/ ,000, ,000,000 Water Reclamation Bonds, Series 2009B 04/01/ ,000, ,000,000 Clean Water SRF American Recovery and Reinvestment Act loan, Series 2009C 10/16/2009 5,744,780 5,434,251 State Revolving Fund, Series 2011A 03/25/ ,000,000 40,000,000 (1) Total $476,569,780 $476,159,251 (1) This total represents the total amount of the authorization. At June 30, 2012, $13,448, had been drawn down for this project. The District will draw against this authorization until the maximum amount has been drawn or the project is completed. Source: Clark County Water Reclamation District, Nevada III. FINANCIAL INFORMATION The audited financial statements for the District for the fiscal year ended June 30, 2012 will be separately filed with the MSRB s Electronic Municipal Market Access website ( EMMA ) and are hereby incorporated by reference into this Annual Information Statement. 2011/12 Clark County Water Reclamation District 3

7 Operating Revenues: A. SUMMARY OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS (1) 2007/08 (Actual) 2008/09 (Actual) Fiscal Year 2009/10 (Actual) 2010/11 (8) (Actual) 2011/12 (Actual) Sewer Service Charges (2) $98,493,129 $107,315,344 $121,097,362 $132,127,719 $136,534,923 Clean Water Coalition sewer service credit - (2,748,402) Effluent Sales 3,272,165 3,272,151 2,620,050 2,086,213 2,274,004 Other 1,506,196 1,239,223 1,071, , ,893 Total Operating Revenues $103,271,490 $111,826,718 $124,788,606 $134,754,542 $136,351,418 Operating Expenses: Salaries $19,925,077 $21,052,947 $22,468,145 $22,490,527 $20,967,989 Benefits 5,796,778 6,695,433 6,955,614 7,539,884 7,722,124 Other Post Employment Benefits 1,349,373 1,044,482 1,535,705 2,505,669 2,859,575 Utilities 12,034,580 11,634,902 12,270,437 12,629,495 10,239,274 Outside Services 6,640,975 6,306,470 7,433,909 6,351,481 4,690,745 Chemicals 4,684,631 6,658,655 5,277,019 5,039,405 5,443,455 Maintenance Expense 4,053,703 4,908,706 4,358,995 4,870,339 4,812,371 Other Expenses 1,979,360 1,967,831 1,886,371 2,015,994 2,086,233 Supplies 1,381,396 1,676,175 1,539,659 1,403,353 2,025,589 Bad Debt Expense - 689, , Depreciation 42,402,545 44,849,343 50,285,130 63,893,458 71,292,101 Total Operating Expenses $100,248,418 $107,484,302 $114,988,234 $128,739,605 $132,139,456 Net Operating Income $3,023,072 $4,342,416 $9,800,372 $6,014,937 $4,211,962 Non-operating Income (Expense) Investment Earnings (3) $30,821,747 $21,842,465 $13,767,249 $6,440,537 $5,708,943 Bond Interest (4) Sales Tax Apportionment (5) 15,595,269 13,482,807 12,242,174 13,134,404 14,055,242 Interest Expense-Bonds, Net of Capitalized Securities Lending Expense 328,720 (726,026) (58,559) (241) (3,707) Capital Contribution Intergovernmental - (1,089,029) Abandonment Loss (6) (6,673,493) (61,282) (1,300,285) Other, net 465, , ,942 (24,133,089) (3,519,218) Total Non-operating Income (Expense) $40,538,022 $33,721,835 $24,866,521 ($4,557,697) $16,241,260 Income Before Capital Contributions $43,561,094 $38,064,251 $34,666,893 $1,457,240 $20,453,222 Capital Contributions (7) 50,086,939 30,551,809 12,824,132 24,049,822 20,624,351 Change in Net Assets $93,648,033 $68,616,060 $47,491,025 $25,507,062 $41,077,573 Total Net Assets - July 1 $1,292,440,063 $1,386,088,096 $1,454,704,156 $1,502,195,181 $1,527,702,243 Total Net Assets - June 30 $1,386,088,096 $1,454,704,156 $1,502,195,181 $1,527,702,243 $1,568,779,816 Footnotes are on the following page. 2011/12 Clark County Water Reclamation District 4

8 (1) Restated to reflect the implementation of GASB 34, which requires that all net assets of the District be reported, not just those acquired during the year presented. (2) Includes pretreatment fees and septage fees. (3) Includes restricted and unrestricted investment earnings. (4) Beginning in fiscal year 2007/08, the District capitalized interest paid on its bonds. Interest costs were capitalized in the following amounts: fiscal year 2007/08- $3,147,315, fiscal year 2008/09- $11,143,624, fiscal year 2009/10- $13,708,144, 2010/11- $23,396,710 and fiscal year 2011/12- $23,260,425. (5) In 1998, the Clark County Commission approved a one-quarter of one cent per dollar increase in sales tax to fund improvements to water and sewer lines and facilities. The Southern Nevada Water Authority may collect this amount until either $2.3 billion in aggregate sales tax are collected or until June 30, 2025, unless the County commission determines that cessation of the tax is not advisable. The sales taxes collected do not constitute Net Pledged Revenues. (6) Primarily includes the write off of the unamortized cost of the now obsolete Advanced Wastewater Treatment facility and the abandonment of the old administrative complex. (7) Includes System Development Approval fees (connection fees) and contributed sewer lines. (8) Certain data was revised as detailed in the District s Comprehensive Annual Financial Report for the year ended June 30, Source: Derived from the District s Comprehensive Annual Financial Reports for the years ended June 30, 2008 through June 30, B. LONG-TERM DEBT Year Ending June 30, GENERAL OBLIGATION BONDS SUPPORTED BY SEWER REVENUES Clark County Water Reclamation District, Nevada As of June 30, 2012 General Obligation Principal Total Interest Requirements 2013 $7,470,529 $23,239,521 $30,710, ,535,529 22,957,562 31,493, ,875,529 22,618,606 31,494, ,255,529 22,189,019 31,444, ,695,529 21,689,683 31,385, ,631,063 99,779, ,411, ,112,643 83,205, ,318, ,596,322 61,940, ,536, ,375,000 33,383, ,758, ,220,000 3,280,363 61,500,363 Total Annual Bond Requirements (1) $456,767,671 $394,283,907 $851,051,576 (1) Amounts may not total due to rounding. Source: Clark County Water Reclamation District. 2011/12 Clark County Water Reclamation District 5

9 IV. OPERATING INFORMATION A. HISTORICAL NET PLEDGED REVENUES The following table sets forth the Pledged Revenues for the District. 2007/08 (Actual) 2008/09 (Actual) Fiscal Year 2009/10 (Actual) 2010/ /12 (Actual) (6) (Actual) Revenues: Sewer Service Charges (1) $98,506,062 $107,315,344 $121,097,362 $132,127,719 $136,534,923 Sewer Service Credit (2,748,402) System Development Fees 37,611,376 16,353,536 9,347,944 9,218,329 10,549,916 Effluent Sales 3,272,165 3,272,151 2,620,050 2,086,213 2,274,004 Investment Earnings (2) 33,367,205 21,842,465 13,767,249 6,440,537 5,708,943 Other (3) 1,360,331 1,239,223 1,071, , ,893 Total Revenues: $174,117,139 $150,022,719 $147,903,799 $150,413,408 $152,610,277 Operating Expenses: Total Operating Expenses (4) $57,858,806 $62,634,959 $64,703,104 $64,846,147 $60,847,355 Net Pledged Revenues: $116,258,333 $87,387,760 $83,200,695 $85,567,261 $91,762,922 Debt Service (5) $7,296,250 $10,042,334 $27,233,927 $29,967,644 $30,330,601 Coverage x 8.70 x 3.06 x 2.86 x 3.03 x (1) Includes revenues collected to pay sewer services charges, pretreatment fees and septage fees. (2) Includes both restricted and unrestricted investment earnings, and interest income. (3) Does not include Other non-operating revenue. (4) Does not include depreciation and amortization expenses. Also does not include interest expense on bonds and other non-operating expenses. (5) Represents actual debt service paid in each fiscal year. (6) Certain data was revised as detailed in the District s Comprehensive Annual Financial Report for the year ended June 30, Amounts may not total due to rounding. Source: Clark County Water Reclamation District. 2011/12 Clark County Water Reclamation District 6

10 B. AVERAGE DAILY FLOWS (IN MILLION GALLONS) 2007/ / / / /12 July August September October November December January February March April May June Annual Average Source: Clark County Water Reclamation District. C. CURRENT DISTRICT ANNUAL SEWER SERVICE CHARGES July 1, Area rates per ERU (1) 2010 July 1, 2011 July 1, 2012 Las Vegas Valley $ $ $ Blue Diamond $ $ $ Indian Springs $ $ $ Laughlin $ $ $ Overton $ $ $ Searchlight $ $ $ (1) Equivalent Residential Units: 1 ERU = 90,000 Gallons. Source: Clark County Water Reclamation District. D. CURRENT SYSTEM DEVELOPMENT APPROVAL CHARGES Service Area 2010/ / /13 Las Vegas Valley $1,942 $2,066 $2,195 Laughlin $1,600 $1,600 $1,600 Blue Diamond $1,942 $2,066 $2,195 Searchlight $1,942 $2,066 $2,195 Indian Springs $1,942 $2,066 $2,195 Moapa Valley $1,942 $2,066 $2,195 Septic to Sewer Conversion $1,600 $1,600 $1,600 Source: Clark County Water Reclamation District. 2011/12 Clark County Water Reclamation District 7

11 E. HISTORY OF ERU S SERVED (1) 2007/ / / / /12 Residential Services: Single Family 167, , , , ,637 Multiple Resident 85,187 86,528 88,530 89,481 89,829 Mobile Homes 16,760 16,943 16,780 16,612 16,524 Recreational Vehicle Parks 1,351 1,137 1,079 1,088 1,091 Senior Apartment Housing ,080 1,510 1,580 Total Residential 271, , , , ,661 Commercial Services: Hotels and Motels 176, , , , ,898 Casinos Restaurants with garbage disposal Restaurants and/or on-premise bars 10,367 11,441 11,675 11,711 11,704 Theme Parks 4,182 3,891 3,791 3,642 3,635 Hospitals: Medical/Surgical 2,306 2,255 2,191 2,234 2,242 Convalescent and Rest Homes ,232 1,232 Schools 14,229 14,690 15,236 15,698 16,760 Churches 1,536 1,632 1,767 1,791 1,849 Other Comm. Facility (base rate) Other Comm. Facility (per fixture) Dump Station Large Commercial: Car Wash 1,778 1,360 1, Laundry Large Commercial Miscellaneous: (Type A) 6,391 7,074 7,058 6,897 6,804 (Type B) 33,277 36,141 37,865 38,609 39,099 (Type C) 26,443 28,156 29,553 30,041 30,582 (Type D) 4,802 5,242 5,514 5,680 5,862 Total Commercial 283, , , , ,650 Total Billed 555, , , , ,311 (1) Equivalent Residential Units: 1 ERU = 90,000 gallons. Number of ERU s billed on July 1 of the year shown for collection in that fiscal year. For example, the ERU s billed on July 1, 2012, are being collected in fiscal year 2012/13. Amounts may not total due to rounding. Source: Clark County Water Reclamation District. 2011/12 Clark County Water Reclamation District 8

12 F. HISTORY OF CUSTOMERS ACCOUNTS AND ERU s Commercial Residential Commercial Residential Total Fiscal Year ERU's ERU's Total ERU's Accounts Accounts Accounts 2007/08 283, , ,397 7, , , /09 296, , ,397 8, , , /10 314, , ,005 8, , , /11 320, , ,408 8, , , /12 321, , ,311 9, , ,738 Source: Clark County Water Reclamation District. G. TEN LARGEST DISTRICT CUSTOMERS Percent of Total ERU's (1) Amount Billed as of July 1, 2012 ERU's Billed Name July 1, 2012 City Center 9, % $2,144,541 Mandalay Bay Resort and Casino 8, % 1,856,991 MGM Grand Hotel/Casino 7, % 1,714,314 Caesars Palace 7, % 1,710,274 Venetian Casino Resorts, LLC 7, % 1,630,142 Bellagio, LLC 6, % 1,544,898 Nellis Air Force Base 5, % 1,253,975 Wynn Las Vegas, LLC 5, % 1,228,285 The Mirage Casino-Hotel 4, % 1,101,348 Luxor 4, % 1,082,642 Total 68, $15,267,410 (1) Based on total ERU s of 608,311 billed on July 1, Source: Clark County Water Reclamation District. 2011/12 Clark County Water Reclamation District 9

13 H. CLARK COUNTY TEN LARGEST TAXPAYERS Secured and Unsecured Tax Roll Fiscal Year 2012/13 % of Total Taxpayer Type of Business Assessed Value (1) Assessed Value (2) 1. MGM Resorts International Hotels/Casinos $2,453,765, % 2. NV Energy Utility 1,618,820, % 3. Caesar's Entertainment Corporation Hotels/Casinos 1,514,349, % 4. Las Vegas Sands Corporation Hotels/Casinos 958,971, % 5. Wynn Resorts Limited Hotels/Casinos 720,065, % 6. Station Casinos Inc. Hotels/Casinos 486,757, % 7. Boyd Gaming Corporation Hotels/Casinos 323,806, % 8. Nevada Property 1 LLC Hotels/Casinos 279,418, % 9. Howard Hughes Corporation Hotels/Casinos 164,087, % 10. General Growth Properties Inc. Real Estate 161,490, % Total $8,681,533, % (1) Subject to revision. (2) Based on the total fiscal year 2012/13 assessed valuation for Clark County of $54,195,286,097. Source: Clark County Assessor s Office. 2011/12 Clark County Water Reclamation District 10

14 Fiscal Year I. PROPERTY TAX LEVIES AND COLLECTIONS (Unaudited) County Tax Levied for the Fiscal Year Collected within the Fiscal Year of the Levy Amount Percentage of Levy Collections in Subsequent Years Total Collections to Date Amount Percentage of Levy 2007/08 $2,178,695,427 $2,144,481, % $33,823,131 $2,178,304, % 2008/09 2,356,091,670 2,310,905, % 43,244,499 2,354,150, % 2009/10 2,265,534,467 2,216,524, % 43,209,270 2,259,734, % 2010/11 1,769,961,989 1,736,374, % 22,550,172 1,758,924, % 2011/12 1,600,895,122 1,576,913, % n/a 1,576,913, % Source: Clark County Treasurer. Fiscal Year J. HISTORY OF ASSESSED VALUE (1) Total Assessed Value for Clark County (2) Total Assessed Value for Incorporated Cities (2) Total Assessed Value for CSGID (3) Calculated District Assessed Value (1) Percent Change 2008/09 $111,906,539,236 $52,089,440,300 $36,886,343 $59,780,212, % 2009/10 89,981,571,327 39,405,513,032 34,926,831 50,541,131,464 (15.46)% 2010/11 63,926,261,627 29,423,985,600 46,885,097 34,455,390,930 (37.36)% 2011/12 57,878,335,897 27,420,993,232 11,698,648 30,445,644,017 (11.64)% 2012/13 54,195,268,097 25,199,711,417 8,053,611 28,987,503,069 (4.79)% (1) Neither the County Assessor nor the State maintain assessed valuations attributable to the District. Accordingly, the historical assessed valuation of the District has been calculated by subtracting the aggregate assessed valuation of the five incorporated cities (Boulder City, Henderson, Las Vegas, Mesquite and North Las Vegas) and the estimated assessed valuation of the Coyote Springs General Improvement District within the County, from the County s total assessed valuation in each year shown. (2) Excludes the assessed valuation of the Boulder City Redevelopment Agency, the Clark County Redevelopment Agency, the Henderson Redevelopment Agency, the Las Vegas Redevelopment Agency, the Mesquite Redevelopment Agency, and the North Las Vegas Redevelopment Agency in the following aggregate amounts: fiscal year 2008/09 - $3,883,661,314; fiscal year 2009/10 - $2,770,862,311; fiscal year 2010/11 - $1,832,364,244; fiscal year 2011/12 - $1,176,499,255 and fiscal year 2012/13 - $1,030,444,078. (3) These net assessed value figures have been calculated by the Clark County Assessor s office. They do not include the value of any centrally assessed properties that might be calculated by the State. Source: Local Government Finance for Nevada Local Governments State of Nevada Department of Taxation, Fiscal Years 2008/09 through 2012/ /12 Clark County Water Reclamation District 11

15 V. REPORTING OF SIGNIFICANT EVENTS The Continuing Disclosure Covenants outline the Significant Events that must be reported if they are deemed material. The District has no knowledge that any of the events listed below have occurred or have not been previously reported. 1. Principal and interest payment delinquencies on the Bonds. 2. Non-payment related defaults. 3. Unscheduled draws on debt service reserves reflecting financial difficulties. 4. Unscheduled draws on credit enhancements reflecting financial difficulties. 5. Substitution of credit or liquidity providers, or their failure to perform. 6. Adverse tax opinions or events affecting the tax-exempt status of the security. 7. Modifications to rights of security holders. 8. Contingent or unscheduled bond calls. 9. Defeasances. 10. Release, substitution, or sale of property securing repayments of the securities. 11. Rating changes. 2011/12 Clark County Water Reclamation District 12

16 Appendix CUSIP Numbers Copyright, American Banker's Association. CUSIP data is provided by Standard and Poor's, CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP service. The issuer takes no responsibility for the accuracy of such number. 2011/12 Clark County Water Reclamation District 13

17 $55,000,000 Clark County Water Reclamation District, Nevada General Obligation (Limited Tax) Water Reclamation Bonds Additionally Secured by Pledged Revenues Series 2007 Maturing July 1, CUSIP Interest Rate Amount AK % $100, AL % 1,225, AM % 1,280, AN % 1,330, AP % 1,385, AQ % 1,440, AR % 1,505, AS % 1,570, AT % 1,640, AU % 1,710, AV % 1,790, AW % 1,875, AX % 1,960, AY % 2,050, AZ % 2,145, BA % 2,245, BB % 2,350, BC % 2,470, BD % 2,600, BE % 2,730, BF % 2,870, BG % 6,195, BH % 10,535,000 $55,000,000 $115,825,000 Clark County Water Reclamation District, Nevada General Obligation (Limited Tax) Water Reclamation Bonds Additionally Secured by Pledged Revenues Series 2008 Maturing July 1, CUSIP Interest Rate Amount BL % $2,425, BM % 2,525, BN % 2,630, BP % 2,740, BQ % 2,865, BR % 3,005, BS % 3,150, BT % 3,305, BU % 3,480, BV % 3,660, BW % 3,860, BX % 4,065, BY % 4,285, BZ % 4,515, CA % 4,760, CB % 5,015, CC % 23,030, CD % 36,510,000 $115,825, /12 Clark County Water Reclamation District 14

18 $135,000,000 Clark County Water Reclamation District, Nevada General Obligation (Limited Tax) Water Reclamation Bonds Additionally Secured by Pledged Revenues Series 2009A Maturing July 1, CUSIP Interest Rate Amount CE % $2,250, CF % 2,340, CG % 2,455, CH % 2,600, CJ % 2,760, CK % 2,915, CL % 3,085, CM % 3,255, CN % 3,435, CP % 3,620, CQ % 31,445, CR % 33,350, CS % 41,490,000 $135,000,000 $125,000,000 Clark County Water Reclamation District, Nevada General Obligation (Limited Tax) Water Reclamation Bonds Additionally Secured by Pledged Revenues Series 2009B Maturing July 1, CUSIP Interest Rate Amount CT % $2,325, CU % 2,420, CV % 2,530, CW % 2,660, CX % 2,795, CY % 2,940, CZ % 3,090, DA % 3,255, DB % 3,430, DC % 3,615, DD % 31,670, DE % 31,585, DF % 32,685,000 $125,000, /12 Clark County Water Reclamation District 15