Title
In the Matter of the Salinas Valley Solid Waste Authority Revenue Bonds, Series 2013, and the County's Notices of Intent to Withdraw from the Authority and the related Waste Delivery Agreement. (ADDED VIA ADDENDUM)
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
Conduct a public hearing pursuant to Internal Revenue Code section 147 (f) and California Government Code section 6586.5, and consider whether to:
a) Rescind the Notices of Intent to withdraw from the Salinas Valley Solid Waste Authority ("Authority") and the related Waste Delivery Agreement (the "Notices of Intent"), and approve the Authority's proposed Series 2013 Revenue Bonds with conditions;
b) Rescind the Notices of Intent but not approve the Authority's proposed Series 2013 Revenue Bonds;
c) Not rescind the Notices of Intent but approve the Authority's proposed Series 2013 Revenue Bonds, and instruct staff to return in December of 2013, with a date certain for withdrawal from the Authority and other necessary actions; or
d) Not rescind the Notices of Intent, not approve the Series 2013 Revenue Bonds, and instruct staff to return in December of 2013, with a date certain for withdrawal from the Authority and other necessary actions.
SUMMARY:
The County is a member of the Authority, which was formed pursuant to a Joint Powers Agreement ("JPA"), along with the cities in the Salinas Valley, and a party to a related Waste Delivery Agreement that requires all waste collected in the unincorporated area within the Authority's boundaries to be delivered to the Authority's facilities at Johnson Canyon.
In July of 2012 the County delivered to the Authority the Notices of Intent, which are required to be delivered one-year in advance of a withdrawal from the Authority and the Waste Delivery Agreement. A reason for the County's delivery of the Notices of Intent is the growing disparity in the rates charged by the Authority for the disposal of waste at its facili...
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