HomeMy WebLinkAboutC.054.93009_0076 (2)presented this special resolution, which is to be adopted following
the sale of the bonds on Wednesday, April 21, 1993. The resolution
should be approved according to form at this time, with the
interest rates to be filled in following the sale of the bonds.
The bond is to be issued for $3,760,000.
Mr. Pope recapped the reason for the issuance of the bonds.
He said sometime ago it was determined that the existing landfill
would not last forever, and began to determine what action should
be taken. A decision was made to construct a new landfill and to
implement the "baling" process as a means of stretching the life of
the landfill. It was determined that 40 to 45% additional life
could be realized from the present landfill by compacting the waste
through the baling process.
Permitting and compliance with all the technical requirements
from the State have been going on for some time. The first phase
was the extension of water lines. The second phase is the baler
facility, which has not been completed at this time. The cost of
this second phase is about $6,465,000. That was paid for by the
issuance of Special Obligation Bonds issued approximately a year
ago, Pope said. Special Obligation Bonds do not pledge the taxing
power of the County. The security for payment is certain revenues,
including system revenues (revenues generated by the landfill
itself --tipping fees and household fees), and certain other
revenues named in the bond order that the county commissioners
adopted a year ago. The bond order recited the county
commissioners could issue additional bonds pursuant to the same
order by simply adopting a series resolution. This is a much
abbreviated process so when the county was ready to finance phase
3 of the landfill, it is being done pursuant to a mechanism that
was put in place a year or more ago, and as a result of that plan,
considerable time has been saved as well as considerable expense in
the issuance of the bonds. However, it still is a costly process,
Mr. Pope said.
Phase 3 of the landfill involves the construction of a lined
cell into which the County will store baled waste. The cell will
be about seventeen acres in size and will require excavation of
about 370,000 cubic yards of dirt. The cell will be lined in the
bottom with a leachate collection system designed to capture every
drop of moisture that falls on that seventeen acres of land and
treat in such a manner that when it is discharged it may be
drinkable. There are two types of liners as described by the
document being discussed at this meeting --soil liner and a plastic
liner under that which is supposed to be impermeable. There will
also be a 3,300' access road built to get to the cell.
Also to be financed with these funds is a "demolition"
landfill, where certain types of tree stumps, limbs, leaves,
concrete, and brick, etc., from old buildings, etc., which will be
placed. This area is about five acres in size and involves
excavation of 100,000 cubic yards of dirt. A device called a
destructive burner will attempt to reduce the volume of waste going
into this area by burning as much as possible.
All of the above-mentioned will cost $3,258,000. The proposal
is for bonds in the amount of $3,760,000, which will cover the cost
of the items plus required reserve funds and the costs to the
underwriters and other costs associated with the issuance of the
bonds. The bonds will be issued pursuant to the 1992 bond order,
but under a resolution which you will adopt in form today, which
will be called a "series resolution." Those bonds are also
secured by the same revenues that secure the 1992 bonds --tipping
fees and other revenues named in the official statement. Those
bonds have a parity with the 1992 bonds, so if there is ever a
claim on the revenue, the bond holders of the 1992 bonds and the
1993 bonds stand in an equal position with regard to trying to
recover. The bond order issued in 1992 authorizes further bonds if
you ever elect to do that.
Mr. Pope then recapped the series resolution for the board.
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