AgdaPkt 2007-12-17 - Laserfiche WebLink

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NOTE 16—CONSTRUCTION AND OTHER SIGNIFICANT COMMITMENTS As of June 30,2007,the City had the following commitments (which were encumbered): $12,591,095 for the Redwood Shores Library and $5,3 88,986 for the Recycled Water System Development. NOTE 17—SOUTH BAYSIDE WASTE MANAGEMENT AUTHORITY Redwood City is a member of the South Bayside Waste Management Authority (SBWMA), a joint powers authority established to purchase the solid waste transfer station located in San Carlos, California from Browning-Ferris Industries, now Allied Waste Systems (Allied), and then lease the transfer station back to Allied. Currently there are 12 public entities that are members of this organization. Each of these members also, by individual and separate legislative action, has entered into a franchise agreement with Allied for solid waste collection within their respective jurisdictions. The SBWMA issued $20 million in bonds in 1999 to provide funds for the purchase of the transfer station. The lease payments received from Allied for the use of the transfer station provide funds for the SBWMA to pay the principal and interest on the outstanding bonds. The debt issued by the SBWMA is not an obligation of any of the member entities. Allied in turn includes the lease payments to the SBWMA as an eligible cost to be recovered from solid waste collection customers under the terms of their franchise agreements. The SBWMA also serves as a regional forum for member entities to collectively pursue other solid waste management matters such as rate setting, solid waste reduction, and meeting recycling goals as required by state law. Audited financial statements are available from the SBWMA, c/o the City of San Carlos, 600 Elm Street, San Carlos, CA 94070. The following is SBWMA's condensed unaudited financial results for the year- ended June 3 0, 2007. Total assets $ 43,147,315 Total liabilities 21,589,949 Total equity $ 21,557,366 59