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6.1.D. - Page 110 <br />Notes to the Basic Financial Statements <br />For the fiscal year ended June 30, 2016 <br />NOTE 17 — SOUTH BAYSIDE WASTE MANAGEMENT AUTHORITY <br />The City is a member of the South Bayside Waste Management Authority (SBWMA), a joint powers <br />authority established to purchase the solid waste transfer station located in San Carlos, California from <br />Browning-Ferris Industries. Currently there are 12 public entities that are members of this organization. <br />Each of these members also, by individual and separate legislative action, has entered into a franchise <br />agreement with Recology for solid waste collection within their respective jurisdictions. <br />The SBWMA issued $20 million in bonds in 1999 to provide funds for the purchase of the transfer station. <br />The debt issued by the SBWMA is not an obligation of any of the member entities. During FY 2009-10, <br />SBWMA issued $58.5 million in bonds to finance improvements at the solid waste transfer station, and <br />the remaining balance of the 1999 bonds were retired. <br />The SBWMA also serves as a regional forum for member entities to collectively pursue other solid waste <br />management matters such as rate setting, solid waste reduction, and meeting recycling goals as required <br />by state law. <br />Audited financial statements are available from the SBWMA, c/o the City of San Carlos, 600 Elm Street, <br />San Carlos, CA 94070. The following is SBWMA's condensed unaudited financial results for the year- ended <br />June 30, 2016. <br />Total assets <br />76,424,301 <br />Total liabilities <br />57,590,817 <br />Total net position <br />18,833,484 <br />83 <br />