Oneida-Herkimer Solid Waste Management Authority

Notes to Financial Statements

December 31, 2022 and 2021

Note 5 - Revenue Bonds - Continued

2015 EFC Revenue Bonds

The New York State Environmental Facilities Corporation (EFC) State Clean Water and Drinking Water Revolving Funds Revenue Bonds were originally issued in 2006 at $33,396,675 to finance certain improvements to the Authority’s landfill located in the Town of Ava, New York and to refinance certain outstanding indebtedness of the Authority. The bonds were refunded in 2015.

Principal installments range from $1,645,000 to $3,962,593 and are payable annually on April 1 through 2026. Interest is payable semi-annually at interest rates ranging from 4.54% to 4.77%, gross of subsidy credit and refunding benefit. The Authority receives a subsidy credit and a refunding benefit toward its annual debt service cost and is charged an annual administrative fee by EFC. The Authority received a subsidy credit of $182,382 and $220,068 for the years ended December 31, 2022 and 2021, respectively, and a refunding benefit of $160,988 and $163,815 for the years ended December 31, 2022 and 2021, respectively.

Certain assets and all revenues of the Authority are pledged as collateral for the bonds. In addition, the Counties guarantee debt service payments by means of the Solid Waste Management Agreement (Agreement) between the Authority and the Counties.

Future debt service payments required on Revenue Bonds are as follows:

* EFC interest is reported gross of the subsidy credit and a refunding benefit, which over the remaining life of the bonds will be $797,920.