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Board approves TEFRA hearing and resolution for Recology bond issuance covering Vacaville, Vallejo sites
Summary
The Solano County Board approved a TEFRA hearing and resolution allowing the California Municipal Finance Authority to issue up to $61 million in revenue bonds for Recology; roughly $10 million of proceeds will fund Vacaville and Vallejo facilities, and the county will have no repayment obligation.
The Solano County Board of Supervisors voted unanimously to conduct a TEFRA hearing and approve a resolution that allows the California Municipal Finance Authority to issue up to $61,000,000 in revenue bonds for Recology Incorporated. A Recology representative told the board about $10,000,000 of the proceeds would be used at two Solano County locations in Vacaville and Vallejo to expand transfer and processing capacity and to purchase equipment and rolling stock.
During the public hearing, Recology’s speaker said the bonds would be issued by CMFA and would be the sole responsibility of the borrower; "the county will have no legal or moral obligation for the project or repayment of the bonds," a county representative reiterated during the presentation. Board members recorded no public speakers on the item before passing the motion by a 5‑0 vote. The county was told it would receive a modest portion of CMFA fees to cover administrative costs.
