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Pecos council approves $1.63M letter of credit to meet TCEQ landfill assurance
Summary
The council approved a resolution authorizing a letter of credit in the amount required by the Texas Commission on Environmental Quality (reported at $1,634,000 in the meeting) to meet financial-assurance requirements for ongoing landfill trenches and to allow required construction and operation steps to proceed.
Pecos City Council on July 9 approved Resolution 26-07-03R authorizing the city to obtain and maintain a letter of credit to satisfy Texas Commission on Environmental Quality (TCEQ) financial-assurance requirements for the city’s landfill project.
Assistant City Manager Nicole Ferini said the letter of credit is required for the city to move forward with improvements to the current landfill and described it as a financial assurance mechanism rather than an immediate cash draw. Pete (city staff) explained the need to secure the line so the city could open and operate trenches for residential trash as per TCEQ rules, and said the city expects to be able to use current trenches within roughly three to four months if requirements are met.
The amount discussed during the meeting was $1,634,000. Council approved the resolution after a motion from Councilman Graham and a second from Councilman Arona.
What happens next: City staff will work with banking partners (discussed options included West Wales National Bank and Bankhead's in the meeting) to secure the letter of credit and proceed with the landfill improvement schedule and required TCEQ approvals.
