Solid Waste Authority approves bond issuance
The Newton County Solid Waste Authority approved the authorization of preparations to issue $25 million in bonds during its regular meeting Thursday, May 18.
The bonds will be used to fund three separate items.
Of the $25 million, $3,280,557 will be paid to refinance the GEFA loan needed for repairs at the landfill, $9,927,821 for excavation and reclamation at the landfill and $10,212,215 to purchase the Newton County landfill. The remainder of the $25 million will go toward paying fees and costs associated with the bond.
The Solid Waste Authority, which was reactivated a year ago, is a separate entity from Newton County. The authority will use the bond issuance to acquire the landfill as an asset as it moves forward with managing the county’s solid waste stream.
The Newton County Board of Commissioners will use the $10 million from the sale of the landfill and pay off a settlement of the same amount reached with East Georgia Land and Development in April.