Laserfiche WebLink
6.C. - Page 56 of 57 <br />tkf If C EAS, On August 20, 2020, the Board held a properly noticed hearing to determine Atherton's <br />liquidation obligation, and considered the staff report and all evidence, oral and documentary, presented to it at <br />the hearing; and <br />lu'uNf I EA3, the Board, having reviewed and considered the evidence presented, and based thereon, <br />hereby makes the following determination. <br />CHOW, 119E6Zf FU_11.1:- E I I e E OWED that the Board of the South Bayside Waste Management Authority <br />hereby determines that in order to satisfy its requirement under Article '15.1.a., Atherton must fully defease its <br />proportionate share of the 2019A and 20'19B bonds, and pay for the costs associated with the defeasance. The <br />Board determines that Atherton's proportionate share of the 2019A and 2.019E bonds is 3.24 percent, based on <br />Atherton's share of the SBWMA's overall franchise tonnage in 2.019. The cosi to defease Atherion's bond share is <br />estimated to be $2,203,016 (`2,103,016 to defease -r- $100,000 costs). The actual amount is subject to adjustment <br />depending on market conditions at the time of defeasance. Staff is directed to wort: with SBWMA's financial <br />consultants and Atherion staff to ensure the defeasance of the bonds occurs prior to December- 3'i, 2020. <br />EE IT FUIR11THE Iu RESOLVED that the Board recommends that its Member Agencies now review and <br />approve Atherton's withdrawal from the SBWMA, effective December 31, 2020, provided 'that on or before <br />December 31, 2020, Atherton satisfies its obligation to liquidate its proportionate share of debt, as determined by <br />the Board. Pursuant to the JPA, a minimum of ten (10) Member Agencies must approve the withdrawal for it to take <br />effect. <br />PASS- D AND PWOP T ED by the Board of Directors of the South Bayside Waste Management Authority, <br />County of San Mateo, State of California, by the following vote: <br />AE�efi�J7 <br />Yes <br />No <br />Abstain <br />Ai sent AqGBi�Fr <br />I �G5 <br />� 49® <br />I flusfiein <br />llrrseoi4 <br />Atherton <br />Menlo)C II Menlo Park <br />Belmont <br />, <br />Redwood City <br />Burlingame <br />X <br />San Carlos <br />x <br />East Palo Alto <br />Foster City <br />E X <br />k <br />��� <br />): San Mateo <br />I County or` San Mateo <br />)t <br />Hillsborough <br />X <br />Wesi Lay Saniiary Dist <br />j X <br />HEREBY CERTIFY that the foregoing Resolution filo <br />meeting of the South Bayside Waste Management Authority on <br />ATTEST: <br />Cyndi Urman, Board Secretary <br />was duly and regularly adopted at a special <br />Chairperson <br />RIM <br />