Section 46-19.1 - Facilities for solid waste processing and disposal and electric generation; financing; sale(a) In addition to any other powers provided by law, any county may issue general obligation bonds to finance a facility for the processing and disposal of solid waste, or generation of electric energy, or both, pursuant to section [47-4], and provide for interest on the bonds which will accrue during the construction period. Any such facility shall be and constitute an undertaking as defined in section 49-1, and all revenues derived from the services and commodities furnished by the undertaking, including the disposal of solid waste and the sale of steam and electric energy and recovered materials, shall constitute revenues of the undertaking. Any law to the contrary notwithstanding, and particularly section 47-7, bonds issued pursuant to this section to finance a facility for the processing and disposal of solid waste or generation of electric energy, or both may be sold at competitive or negotiated sale at whatever price or prices, may bear interest at whatever rate or rates payable at whatever time or times, and may be made redeemable before maturity at the option of the county, the holder, or both at whatever price or prices and upon whatever terms and conditions as the governing body of the county or, if authorized by the governing body of the county, the director of finance may determine.
If bonds issued pursuant to this section for the processing and disposal of solid waste and generation of electric energy are issued bearing interest at rates which vary from time to time and with a right of the holders to put the bonds, all as provided in the proceedings authorizing the issuance thereof, any county may contract for support facilities and remarketing arrangements as are required to market the bonds to the greatest advantage of the county upon such terms and conditions as the governing body of the county shall approve by resolution. The county may enter into contracts or agreements with the entity or entities providing a support facility as aforesaid as the governing body of the county shall approve by resolution; provided that any contract or agreement shall provide, in essence, that any amounts due and owing by the county under the contract or agreement on an annual basis shall be subject to annual appropriations by the county, and any obligation issued pursuant to the terms of the contract or agreement in the form of bonds, notes, or other evidences of indebtedness shall arise only when moneys or securities have been irrevocably set aside for the full payment of a like principal amount of bonds issued pursuant to this section. The selection of entities to provide a support facility or to remarket bonds may be in such manner and upon such terms and conditions as the governing body shall approve by resolution.
(b) If the governing body of the county shall find that the sale of a facility for the processing and disposal of solid waste, or generation of electric energy, or both will not deprive the county of the availability of the facility and will result in a reduction to the county of the costs of the facility, any law to the contrary notwithstanding, any county may sell a facility financed pursuant to this section at competitive or negotiated sale at such price and upon such terms and conditions as the governing body shall approve by resolution. The sale may be pursuant to an installment sales contract or such other form of agreement as the governing body shall approve by resolution. A facility sold as authorized by this subsection shall continue to constitute a public undertaking as provided in subsection (a), and the proceeds of such sale shall constitute revenues derived from the services and commodities furnished by the undertaking.(c) A county may lease any facility sold as authorized by this section or enter into an operating agreement or other arrangement with the purchaser or a lessee of the purchaser of the facility upon such terms and conditions as the governing body shall approve by resolution. So long as a facility sold as authorized by this section is available to the county, notwithstanding that availability is conditioned on payment of reasonable fees for the services and commodities furnished thereby, the facility shall be deemed used for a public purpose and payment of the costs of construction shall constitute a purpose for which bonds may be issued as authorized by subsection (a).(d) Insofar as this section is inconsistent with the provisions of any law or charter, this section shall control. The powers conferred by this section shall be in addition and supplemental to the powers conferred by any other law or charter, and bonds may be issued and a facility financed from the proceeds thereof may be sold as authorized by this section notwithstanding any debt or other limitation prescribed by any other law or charter.L 1985, c 291, §1; am L 1988, c 57, §3Sections 47-2.1 and 47-7 referred to in text are repealed.