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Commission approves $3 million interlocal loan to Elko Convention & Visitors Authority
Summary
The board approved Resolution 2024-20 authorizing an intergovernmental loan of up to $3,000,000 (10 years at 1% interest) to the Elko Convention & Visitors Authority and executed related cooperative agreements after receiving counsel guidance and making required statutory findings and a public hearing record.
Annette Kerr, executive director of the Elko Convention & Visitors Authority, asked the commission to execute a previously discussed interlocal loan and resolution that would permit the CVA to issue bonds backed by a county loan of up to $3,000,000 for a 10-year term at 1% interest.
Bond counsel Kendra Follett advised the commission that the county must make statutory findings under NRS 354.618 and that the board must take public comment as part of the hearing. After counsel and staff confirmed the Department of Taxation had approved the CVA's prior public hearing and that the resolution contained the required findings in section 2, the commission moved to approve the resolution and the cooperative interlocal agreement, with the chair authorized to execute the documents.
There was no substantive public opposition during the hearing. The motion to approve the resolution and interlocal agreement passed by voice vote; counsel confirmed the resolution includes the required language, and staff will record the executed agreements and notify bond counsel for closing steps.
