Date: December 20, 2008
Source: News Room
Last week, officials with the Southeastern Public Service Authority (SPSA), a coalition of eight large municipalities in southeastern Virginia, announced that they were considering selling assets if not liquidating the entire enterprise in order to pay off more than $240 million in debt. The differing arrangements of the member municipalities, all of which have a seat on the board, is likely to complicate any agreement on the issue. For example, in deals that were struck when the authority was formed, the fees for the city of Virginia Beach have been capped while Suffolk pays no fees in return for hosting the regional landfill. Except for these two, the others pay $104 per ton of waste handled by the agency. That figure could rise to $135 per ton in the near future making it one of the most expensive systems in the country. A partial sale of assets could be the answer. Some speculate that selling the waste-to-energy plant in Portsmouth could help retire as much as $40 million in SPSA debt.
To learn more, visit: www.spsa.org.
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