Printer Friendly

UNION COUNTY UTILITIES AUTHORITY, N.J. SOLID WASTE REVENUE BONDS 'A' BY FITCH -- FITCH FINANCIAL WIRE --

UNION COUNTY UTILITIES AUTHORITY, N.J. SOLID WASTE REVENUE BONDS 'A' BY
                    FITCH -- FITCH FINANCIAL WIRE --
    NEW YORK, Dec. 17 /PRNewswire/ -- The Union County Utilities Authority, New Jersey, Solid Waste System Revenue Bonds, 1991 Series A and B are rated "A" by Fitch. The authority will offer $227.7 million series A bonds and $21.4 million series B bonds through negotiation with Lehman Brothers and Smith Barney, Harris Upham & Co. on Dec. 19. The authority will also offer concurrently $13.9 million series C and $21.2 million series D bonds, which are additionally secured by a deficiency make-up agreement with the county. These bonds have not been rated by Fitch.
    The Union County Utilities Authority (UCUA) is the solid waste agency for the county and currently maintains full responsibility for solid waste disposal. Proceeds of these, and the other bonds being sold concurrently, will provide funds for the construction of a waste-to- energy facility and finance the debt service reserve, capitalized interest, recycling facilities, and landfill development. With completion of these projects, the authority will be well positioned to meet its solid waste disposal responsibilities on a publicly owned, self-sufficient basis. The bonds are secured by revenues of the system and legal protections are standard.
    The plant capacity may be somewhat in excess of the county's own needs, but a memorandum of understanding has been entered into between the UCUA and the Bergen County Utilities Authority that will be converted into a put-or-pay contract for disposal of a portions of Bergen's waste. The excess waste should help ease concerns over reductions in waste flow because of aggressive recycling goals. Landfill space is available through an option at an out-of-state site, but consideration is being given to locating a fill within the county. Like all New Jersey solid waste systems, rates are subject to the oversight and approval of the Department of Environmental Protection and Energy (DEPE). Approvals necessary for this transaction have been received. The credit trend is stable.
    -0-          12/17/91
    /CONTACT:  Colleen Woodell, 212-908-0507, or Rebecca Bachman, 212-908-0516, both of Fitch/ CO:  Union County Utilities Authority ST:  New Jersey IN:  UTI SU:  RTG SH -- NY065 -- 3018 12/17/91 14:24 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 17, 1991
Words:367
Previous Article:HEALTH DEPT. URGES VACCINATION FOR HEPATITIS A IN BLAIR COUNTY
Next Article:ENVIRONMENTAL QUALITY BOARD APPROVES NEW CLEAN AIR REGULATIONS
Topics:


Related Articles
CAMDEN COUNTY, N.J. POLLUTION CONTROL FINANCING AUTHORITY BONDS RATED 'A-' BY FITCH -- FITCH FINANCIAL WIRE --
KISSIMMEE UTILITY AUTHORITY, FLA. REVENUE BONDS RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --
SANTEE COOPER, S.C., REVENUE BONDS RATED 'A+' BY FITCH -- FITCH FINANCIAL WIRE --
ATLANTIC COUNTY (N.J.) UTILITIES AUTHORITY SOLID WASTE REVENUE BONDS 'A-' BY FITCH -- FITCH FINANCIAL WIRE --
ALLEGHENY POWER UNITS SOLID WASTE DISPOSAL BONDS RATED BY FITCH -- FITCH FINANCIAL WIRE --
PORT AUTHORITY OF N.Y. & N.J. $124 MILLION BONDS RATED 'AA-' BY FITCH --FITCH FINANCIAL WIRE (FFW)--
BURKE CO. (GA) DEVELOPMENT AUTHORITY BONDS RATED 'AAA/F-1+' BY FITCH -- FITCH FINANCIAL WIRE --
SOLID WASTE BOND RATINGS SECURE, FITCH SAYS -- FITCH FINANCIAL WIRE --
FITCH LOWERS THREE NEW JERSEY SOLID WASTE RATINGS TO 'BB' -- FITCH FINANCIAL WIRE --
Northeast Maryland Waste Disposal Authority Ratings Affirmed by Fitch -- Fitch Financial Wire --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters