Title
Authorization for Issuance of Excise Tax-Funded Obligations to Acquire and Improve Solid Waste Facilities and Equipment (Ordinance S-46390)
Description
An ordinance authorizing the City Manager to cause the issuance of obligations of or by a municipal property corporation, including execution and delivery of one or more ground leases, leases, purchase agreements or financing agreements and the taking of any and all actions necessary or appropriate to finance or reimburse a principal amount not exceeding $100,000,000 of costs for acquiring and improving solid waste facilities and equipment plus related financing costs; authorizing a pledge if deemed appropriate, of excise taxes or other lawfully available funds; authorizing the execution and delivery of other appropriate agreements in connection therewith, including but not limited to any official statements and bond purchase agreements and certificates necessary or appropriate for the financing and associated financing costs; authorizing the City Manager to take any and all other necessary or desirable actions in connection with such bonds; and authorizing the City Controller to expend all necessary funds therefor.
Report
Summary
The Public Works Department (PWD) Solid Waste Management Program assists in providing a safe and aesthetically acceptable environment through effective, integrated management of the community's solid waste stream, including collection, disposal, source reduction and recycling activities. The PWD provides solid waste collection service to approximately 400,000 residential customers. Last year, the PWD collected and processed more than one million tons of material at two City-owned transfer stations and Materials Recovery Facilities. The City also owns and operates the State Route 85 Landfill in Buckeye, Ariz.
The Finance Department is analyzing the feasibility of using green bonds for this financing, with technical support from C40 Cities through a Participation Agreement.
This ordinance will provide funding for replacement of solid waste vehicles and other improvements, acquisitions, and replacement of Solid Waste facilities and equipment.
Concurrence/Previous Council Action
The Solid Waste financial plan was presented and solid waste rate adjustments were approved by the City Council on Feb. 11, 2020 by a vote of 7-2.
Department
Responsible Department
This item is submitted by City Manager Ed Zuercher and the Finance Department.