DATE:
February 25, 2025
07
TO:
Board of Supervisors
SUBJECT
Title
NOTICED PUBLIC HEARING (TEFRA): ISSUANCE OF REVENUE OBLIGATIONS BY THE CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY FOR THE BENEFIT OF EDCO REFUSE SERVICES, INC., BURRTEC WASTE & RECYCLING SERVICES, LLC, BURRTEC ENVIRONMENTAL, LLC, BURRTEC RECOVERY & TRANSFER, LLC, JEMCO EQUIPMENT CORP., SANCO SERVICES, L.P., AND/OR A RELATED OR SUCCESSOR ENTITY IN AN AGGREGATE MAXIMUM STATED PRINCIPAL AMOUNT NOT TO EXCEED $73,500,000 (DISTRICTS: 2 AND 5)
Body
OVERVIEW
The County has received a request from the California Enterprise Development Authority ("Authority") to conduct a public hearing as required by the Internal Revenue Code and to approve the Authority's issuance of one or more series of tax-exempt and/or taxable revenue obligations in an aggregate principal amount not to exceed $73,500,000 (the "Revenue Obligations"), for the benefit of EDCO Refuse Services, Inc., Burrtec Waste & Recycling Services, LLC, Burrtec Environmental, LLC, Burrtec Recovery & Transfer, LLC, Jemco Equipment Corp., and/or a related or successor Entity Sanco Services, L.P. (collectively, the "Borrower").
The Borrower has applied for the financial assistance of the Authority. The proceeds of the Revenue Obligations will be loaned to the Borrower to: (1) finance, refinance and/or reimburse the cost of: (a) the acquisition, construction, installation, improvement and equipping of solid waste disposal facilities including, but not limited to, improvements to existing buildings, conversion of the existing diesel fleet to renewable natural gas, transfer stations, waste and recycling terminals, organics facilities, anaerobic digester facilities, container yards, hauling yards, material recovery facilities, maintenance yards and administrative facilities; and (b) the acquisition of collection trucks, transfer trailers and loaders, carts, bins and other solid waste disposal machinery and equipment, all of which will be located...
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