Allows Use of 1980 Natural Resources Bond Moneys and 1985 Resource Recovery and Solid Waste Disposal Facility Bond Moneys for Payment of Solid Waste Facility Debt and Forgiveness of Loans Made with Bond Fund Moneys
Shall the revisions to the "Natural Resources Bond Act of 1980" and the "Resource Recovery and Solid Waste Disposal Facility Bond Act of 1985", which authorize the use of bond moneys for grants to assist local government units with the payment of costs, and the payment of or security for the payment of debt service costs, incurred for solid waste facilities, including completed, abandoned or canceled facilities, and provides for the forgiveness of loans made pursuant to the bond acts, be approved?
This measure would permit changes in existing bond acts previously approved by voter referendum. Approval of this measure would not involve any new state bonded indebtedness. These changes to the "Natural Resources Bond Act of 1980" and the "Resource Recovery and Solid Waste Disposal Facility Bond Act of 1985" would allow funds made available by those bond acts to be used to make grants to counties and public authorities to pay for costs incurred prior to November 10, 1997 for completed, abandoned or canceled solid waste facilities, to pay for or provide security for debt obligations issued prior to November 10, 1997 which were issued to finance the costs of solid waste facilities, and would allow the State Treasurer to forgive the repayment of loans which previously had been made pursuant to these bond acts to finance solid waste facilities. The construction of solid waste facilities resulted in significant public investment and debt. When the U.S. Supreme Court ruled that state and local governments cannot require the use of in-state facilities to dispose of local solid waste, the public investment in these solid waste facilities was put at risk. This measure would help counties and public authorities in improving the financial situation of these facilities while protecting the public funds already invested in them.