Solid Waste Board Approves Revenue Bonds Agreement

The Sidney Area Solid Waste Agency board met for one of its rare meetings Tuesday, approving issuance of revenue bonds to finance new equipment at the landfill.

Tuesday night was the fourth meeting since 1997 for the Sidney Area Solid Waste Agency board. Tuesday’s meeting was scheduled to review a proposed resolution authorizing issuance of revenue bonds to finance new baler and shredder at the landfill.

The resolution calls for a maximum of 4 percent interest and up to $1,575,000 to be paid back over 10 years.

Paul Donna, managing director for R.W. Baird, told the council there are “certain parameters” defined in the resolution. Additionally, he estimates the debt would be no more than $1,540,000.

“These bonds will be tax exempt, bank qualified,” Donna said.

He said the bonds will be offered in the local market first.

“We’re going to start locally. If we don’t get a response locally, we’ll cast a wider net, outside of Sidney,” he said.

He said he expects the interest rates to remain around 3.37 percent for 10 years. Donna said the interest paid back will be about $257,000 over the 10 years of the loan.

The resolution was approved with a 5-0 vote with city council members Bob Olsen, Kelly Utley, Wendall Gaston and Roger Gallaway, and Cheyenne County Commissioner Darrell Johnson present.

The Agency cannot close on the bonds until the bonds have been publicized for 30 days.