City Council

a. PUBLIC HEARING - CONDUCT A TAX EQUITY AND FISCAL\nRESPONSIBILITY ACT (TEFRA) HEARING, TO ADOPT A RESOLUTION\nAPPROVING THE ISSUANCE OF A NOT TO EXCEED TOTAL OF\n$7,000,000.00 OF CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY\nREVENUE BONDS FOR THE BENEFIT OF EDCO WASTE & RECYCLING\nSERVICES, INCORPORATED, EDCO DISPOSAL CORPORATION, EDCO\nWASTE SERVICES LLC, EDCO TRANSPORT SERVICES, LLC, AND/OR A\nRELATED ENTITY FOR THE PURPOSE OF FINANCING, REFINANCING,\nAND/OR REIMBURSING THE COST OF SOLID WASTE DISPOSAL\nFACILITIES\nSummary:\nFollowing the recent City Council approval of the EDCO Waste and Recycling\nFacility (EDCO) Conditional Use Permit to expand its waste operations, EDCO\nintends to invest in its facility by purchasing additional large capacity haul trucks\nat an average unit cost of $425,000. The State developed a tax-exempt program\nto finance such expenditures for waste transfer facilities, which involves the\nissuance of tax-exempt bonds by the California Enterprise Development\nAuthority (the Authority). This program requires a public hearing to provide an\nopportunity for the public to be informed about the proposed use of the\ntax-exempt funds. While these public hearings have historically taken place in\nSacramento, recently updated regulations require public hearings to take place\nin the region, or locality where the operations occur. Therefore, in accordance\nwith the Tax Equity and Fiscal Responsibility Act (TEFRA), the City Council will\nconsider adopting a resolution to enable the issuance of tax-exempt revenue\nbonds in a not-to-exceed amount of $7,000,000 to EDCO.\nForm of Notice: The City published the notice in the Signal Tribune newspaper\non August 30, 2024. The City published the notice in accordance with Signal Hill\nMunicipal Code Section 1.08.010 at City Hall, the Signal Hill Public Library,\nDiscovery Well Park, and Reservoir Park on or before August 30, 2024, and was\npublished on the California Enterprise Development Authority web site.\nStrategic Plan Goal(s):\nGoal No. 3 Improve the local economy, support local businesses, and create a\nvibrant downtown core.\nRecommendation:\nAdopt a Resolution approving the proposed issuance of the bonds by the\nAuthority to finance, refinance, and/or reimburse the cost of solid waste disposal\nfacilities, entitled:\nA RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIGNAL HILL,\nCALIFORNIA, APPROVING THE ISSUANCE OF A NOT-TO-EXCEED TOTAL\nOF $7,000,000 OF CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY\nREVENUE BONDS FOR THE BENEFIT OF EDCO WASTE & RECYCLING\nSERVICES, INCORPORATED, EDCO DISPOSAL CORPORATION, EDCO\nWASTE SERVICES LLC, EDCO TRANSPORT SERVICES, LLC AND/OR A\nRELATED ENTITY FOR THE PURPOSE OF FINANCING, REFINANCING,\nAND/OR REIMBURSING THE COST OF SOLID WASTE DISPOSAL\nFACILITIES, PROVIDING THE TERMS AND CONDITIONS FOR SUCH\nBONDS AND OTHER MATTERS RELATING THERETO HEREIN SPECIFIED