AgdaPkt 2020-10-26 Joint SA PFA - Laserfiche WebLink

Browse Search

6.C. - Page 55 of 57 0 10 • • t�% waste. 50— 8.widc Wast.. hlCudgrmeux A""""" A Public Agency RESOLUTION NO. 2020-34 RESOLUTION OF THE SOUTH BAYSIDE WASTE MANAGEMENT AUTHORITY BOARD OF DIRECTORS Determining the Amount Required for the Town of Atherton to Liquidate its Proportionate Share of SBWMA Existing Debt in Connection with the Town's Notice of Intent to Withdraw from Membership in SBWMA; and Recommending Member Agencies Approve the Withdrawal, Subject to Certain Conditions. CSC=CERAS, The SBWMA is a joint powers agency established through a Joint Exercise of Bowers Agreement in 1999 by a number of San Mateo County entities to provide a regional approach to the collection and disposition of solid waste, recyclable materials, and organic materials; the ,Agreement has been amended and restated several 'times over the years, the current governing document, dated June 19, 2013, is entitled the "Second Amended and Restated Joint Exercise of Powers Agreement" ("JPA"); and WHEREAS, , the SBWMA issued bonds in 2000 to acquire and reconstruct the Shoreway Environmental Center Facility, to be operated by the Authority to meet the regulatory requirements for solid waste and recyclables for its rnernber agencies. The original bonds were defeased and new bonds issued in 2009. In 2019, the SBWMA refunded the 2009 bonds, saving the Authority money and, at the same time, raising new funds for certain capital improvements (the 2019A and 2019B bonds); and e?�C=3GCuly the SBWMA is comprised of 12 member agencies, including the Town of Atherton ("Atherton"), all of which are founding members of the SBWMA, and as such, "Equity Members" under the JPA. On June 29, 2020, Atherton sent the SBWMA a Notice of Intent to Withdraw from the SBWMA, specifying December- 31, 2020 as the date of withdrawal; and t3tfC=lE�l�f a , Article 15.1 of the JPA provides that a Member may not withdraw from the SBWMA unless and until that Member achieves the following: a The liquidation in -full of its proportion of any and all existing debis, obligations, and liabilities incurred, earned, or expected to be earned by the date of withdrawal, including but not limited to the Revenue Bonds, as determined by the Board. b. The provision to the SBWMA of a written notice of intent to vuithdraw from the SBWMA at least six, (6) months prior to the end of the current fate Year, specifying the date on which the Member intends to withdraw. c. The approval of such vuithdravial by a 4/5 affirmative vote of Equity Members; and �Ji9C p E � pursuant to Article 15.1.a. c f the JPA, the Board of Directors of the SBWMA ("Board") is required to determine the amount necessary for Atherton to achieve "the liquidation in full of its proportion of any and all existing debts, obligations, and liabilities incurred, earned, or e cpected to be earned by the date of withdrawal;" and pursuant to Article 15.1.c.of the JPA, four-fifths (10) of the Member Agencies are then required to approve the withdrawal in order for it to be effective; and