Date: February 21, 2009
Source: News Room
The Governor of Virginia has sent a letter to the troubled Southeastern Public Service Authority's (SPSA) eight member municipalities pledging financial support that would help them to avoid default on more than $129 million in state-backed loans. The governor's letter and offer is the latest twist in an ongoing struggle to save SPSA from collapse. The agency, which has handled most local trash and recycling for the past 30 years, owes creditors about $240 million and faces a $16 million budget deficit this year. It currently spends 40 percent of its annual budget on debt service. The Governor, Timothy M. Kaine, said that allowing SPSA to default on loans from the Virginia Resources Authority, a state lending agency, could "trigger a sequence of events that would be unfavorable to the Commonwealth, SPSA member communities and all Virginia localities." A Spillover effect would likely be to harm the state's AAA bond rating.
Last week, SPSA's CFO Walter R. Hunter resigned his post. It is the latest in an exodus of management including that of SPSA's deputy director William Louis "Louie" Jordan last month and its Executive Director John Hadfield only six months ago.
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