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Board clears TEFRA hearing allowing EDCO refinancing loans to proceed
Summary
The Board of Supervisors held a public hearing and approved a TEFRA notice enabling the California Enterprise Development Authority to issue revenue obligations for EDCO and related entities; the action passed unanimously.
The San Diego County Board of Supervisors on Tuesday held a public hearing and approved a TEFRA notice permitting the California Enterprise Development Authority to issue revenue obligations for EDCO Refuse Services and related companies, in an amount not to exceed $73.5 million.
The hearing reviewed the proposed loan structure and allowed public comment; opponents raised service and rate concerns during the public comment period but staff noted no county financial liability under the proposed issuance. Supervisor Jim Desmond moved to approve; Vice Chair Tara Lawson Reamer seconded. The board approved the TEFRA notice unanimously.
The TEFRA (Tax Equity and Fiscal Responsibility Act) hearing is a federal requirement that gives local taxing jurisdictions an opportunity to review proposed private activity bonds or conduit financings issued for private companies. County staff said the action does not obligate the county to repay the debt; rather it is a ministerial step required before the California Enterprise Development Authority may proceed with the issuance.
Speakers opposed to the action raised service-quality concerns about the contractor and warned of future fee increases; board members noted those comments but said the TEFRA step does not change the county’s contractual relationship with haulers. The motion passed with all supervisors present voting in favor.
