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WARREN & WASHINGTON I.D.A., N.Y. RATED 'BBB (COND.)' BY FITCH -- FITCH FINANCIAL WIRE --

 WARREN & WASHINGTON I.D.A., N.Y. RATED 'BBB (COND.)' BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, Nov. 27 /PRNewswire/ -- The Warren and Washington Counties Industrial Development Agency's, N.Y. Resource Recovery Revenue Bonds (Adirondack Resource Recovery Project) are rated 'BBB (Conditional)' by Fitch. The agency is expected to sell $8.7 million tax exempt and $4 million taxable bonds through negotiation the week of Dec. 9 with Smith Barney, Harris Upham & Co.
 The bonds of the Warren and Washington Counties Industrial Development Agency are adequately secured by complex legal protections, which ultimately provide for disbursement by Warren and Washington Counties to make required payments for waste disposal. The legal intricacies are a factor of both the bi-county nature of the project, as well as New York state law. The waste-to-energy facility, which has been constructed but not yet accepted, is designed to be the sole waste disposal facility, with the exception of recyclables. Landfill space is available in an out-of-county site, but is not sufficient to meet needs for the life of the project and the counties have finally undertaken the task of seeking alternative in-county locations for bypass waste and residue.
 The project has been heavily disputed and it is impossible to determine if all issues have been permanently resolved. Currently, there is very little litigation outstanding, and none that concerns the security on the bonds. However, the key fact continues to be that there is no cost effective alternative to the facility, since all county landfills are operating under consent order with clear closure dates and alternative out-of-county sites are severely limited. In addition, both counties have passed flow control legislation, effectively directing waste to the facility, and under separate agreements are contractually obligated to provide waste to the plant. Bondholders are therefore adequately protected by the legal structure, the essential nature of the facility and the underlying credit characteristics of the two counties. The conditional designation reflects the need for commercial operation of the facility. The credit trend is stable.
 -0- 11/27/91
 /CONTACT: Colleen Woodell of Fitch, 212-908-0507/ CO: Warren and Washington Counties Industrial Development Agency ST: New York IN: SU: RTG


CK -- NY022 -- 7712 11/27/91 11:54 EST
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Publication:PR Newswire
Date:Nov 27, 1991
Words:367
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