All About Debts

Debt Help The McGreevey administration yesterday said the state will make sure counties won't default on loans they took out to build state- mandated garbage incinerators.

The state Treasury Department will not issue bonds to resolve debt owed by the Pollution Control Financing Authority, officials said Wednesday. PCFA officials are confident, however, that the state will make cash payments every six months to the agency's creditors. The PCFA, which operates the landfill in White Township and paid to construct the incinerator in Oxford Township, owes money on both facilities. The Treasury Department had promised to pay off the PCFA's debt through bonds, but cannot do that because of a court decision that does not allow for bonding without voter approval.

Counseling Debt The assurance was made as officials from six counties, including Essex and Warren, planned a news conference at the Statehouse yesterday to protest the administration's decision to shelve a law that required the state to pay off about $1 billion in county debt through bonding. Administration officials said the state did not want to run up any more debt.

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Consolidation Consumer Debt The news conference was canceled after state treasury officials said the administration will continue its policy of helping meet the incinerator debts on a county- by-county basis.

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Debt Settlement A total of 14 counties owe a combined $130.6 million this year. The total debt is $975.2 million.

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Debt Free "The administration will help each county when its debt service is due on a case-by-case basis," said Tom Vincz, a treasury spokesman. "The counties will come in, say what their need is, and we will come to an agreement on the appropriate level of assistance and make sure they make their payments on time."

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Consolidation Debt Service Vincz said the state has already put $34 million toward the debts in the past seven months. He said the administration did not want to bond for up to 30 years when most of the debt can be paid off in less time with the state and counties working together.

Company Consolidation Debt Dan Emmer, a spokesman for the New Jersey Association of Counties, said the counties can live with the state's position.

Consolidation Debt Online "While the counties would have preferred that the governor implement the law he allowed to expire," Emmer said, "We have the assurance from the state treasury that the state will not allow any county to default on its debt obligations."

Consolidation Debt Free County-run incinerators and landfills plunged into debt after a 1997 U.S. Supreme Court ruling declared that it was illegal to restrict the flow of garbage to county-run landfills. The ruling opened the market for landfill collection fees, forcing county-run facilities to drop their rates from $113 per ton to $40 per ton.

Debt Problem Essex County is $106 million in debt and owes $6.4 million this year. Warren County is $41 million in debt and owes $10.6 million this year. Sussex County is $40 million in debt and owes $4.5 million this year. Union County is $81 million in debt and owes $5.7 million this year. Hunterdon, Middlesex, Morris, and Somerset counties do not have incinerator debts.

Credit Debt By Tom Hester
Star-Ledger - 1/17/2003

Topic: Solid Waste

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