DATE:
May 18, 2021
14
TO:
Board of Supervisors
SUBJECT
Title
CONTINUED ITEM FROM 05/04/2021 (19):
NOTICED PUBLIC HEARING:
ISSUANCE OF REVENUE OBLIGATIONS BY THE CALIFORNIA MUNICIPAL FINANCE AUTHORITY FOR THE BENEFIT OF REPUBLIC SERVICES, INC., IN AN AGGREGATE AMOUNT NOT TO EXCEED $703,700,000 (DISTRICTS: 1,4,5)
Body
OVERVIEW
On May 4, 2021 (19), the Board of Supervisors continued the item to May 18, 2021.
The County has received a request from the California Municipal Finance Authority ("CMFA" or "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 revenue obligations in an aggregate principal amount not to exceed $703,700,000 (the "Obligations"), for the benefit of Republic Services, Inc., a corporation duly organized and existing under the laws of the State of Delaware, and/or affiliates thereof (collectively, the "Borrower"). The Borrower has applied for the financial assistance of the Authority. The proceeds of the Obligations will be allocated to several projects located in various cities across California. The projects to be financed or refinanced in the County, to which a maximum principal amount of $118,500,000 in Obligations will be allocated, include: (i) Otay Landfill, 1700 Maxwell Road, Chula Vista, CA, (ii) Allied Waste Services of San Diego, 8364 Clairemont Mesa Blvd, San Diego, CA, (iii) Sycamore Landfill, 8514 Mast Boulevard, Santee, CA (iv) Borrego Landfill, 2449 Palm Canyon Drive, Borrego Springs, CA, and (v) Ramona Landfill, 20630 Pamo Road, Ramona, CA. The proceeds of the Obligations for the facilities located in the County of San Diego will be used to finance and/or refinance certain capital projects to include site improvements, construction and acquisition of equipment. The other facilities located outside of the County of San Diego will be subject to a separate board hearing in the jurisdiction in which the respective facility resid...
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