Oakland Raiders Deal 2: Clark County Nevada Gets Bond Defaults In Las Vegas NFL Stadium Proposal

Oakland Raiders Deal 2: Clark County Nevada Gets Bond Defaults In Las Vegas NFL Stadium Proposal
Oakland Raiders Deal 2: Clark County Nevada Gets Bond Defaults In Las Vegas NFL Stadium Proposal On June 23rd, the Southern Nevada Tourism and Infrastructure Committee (SNTIC) was presented with a document (this one in the link here and at the bottom of this post) that, if passed, would have lead to the recommendation to the Governor of Nevada and the State Legislature’s Infrastructure Committee of a stadium authority that would be the most powerful in America, and one that could have placed a possible $750 million bond debt default problem directly on the general fund of Clark County. If you have doubt that this was the case, and still could be, read this language from the proposed stadium authority document and at Section 15, subparagraph (c): c) The board of directors of the stadium authority determines that the proceeds of the taxes imposed by subsection 2 of section 10 of this act are sufficient to establish a debt service coverage ratio of at least X.X, to defray in whole or in part the cost to acquire, construct, lease, improve, equip, operate and maintain a large events center, the county in which the district is located, acting by and through the stadium authority, shall issue special obligations of the county in an amount not to exceed $XXXX payable solely from and secured solely by all or any portion of the proceeds of the taxes imposed by subsection 2 of section 10 of this act. The securities authorized by this subsection must be issued pursuant to the Local Government Securities Law. Read the rest here: http://ift.tt/28U0DWs
via YouTube http://youtu.be/1n5PY4cEwEE