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Show Resource Recovery Funding May Be Difficult If Industrial Revenue Bonds Cut By MARK D. MICKELSEN BOUNTIFUL Developers Develop-ers of the Davis resource recovery re-covery plant will have to drastically dras-tically change financing plans for the $40 million facility if industrial revenue bonds are cut by federal officials, a spokesman for the Wasatch Front Regional Council said Tuesday. MICK C RANDALL, assistant assis-tant director of the WFRC, said bonding experts for the resource re-source recovery project have assured participating cities that proposed federal cutbacks in the industrial revenue bond (IRB) process will not affect completion of the Davis County Coun-ty facility. Earlier reports from Washington indicated that there might be a move by Congress Con-gress to scrap the entire IRB program. IRB'S ARE low-interest bonds secured by corporations for industrial or commercial development. Financial planners plan-ners for Davis County's multi-million multi-million dollar waste recovery plant are seriously considering use of IRB's to finance the project. pro-ject. According to Mr. Crandall, Congressional concern over the IRB program is leveled at a few larger corporations who are taking advantage of the bonds, but who do not need to. UNLIKE corporations, Mr. Crandall said planners of the resource recovery plant do not have access to lines of credit and will legitimately use the IRB's to the cities' advantage. He said there are some "small issues" being discussed discus-sed by a few key legislators which could affect the IRB system, but said a total shutdown shut-down of the program is unlikely. un-likely. "UNLESS CONGRESS throws the baby out with the bath we'll be fine," Mr. Crandall Cran-dall said. He said any federal legislation legisla-tion aimed at the program is still being "structured" in Washington. HE ADMITTED, however, that a "substantial" amount of discussion may lead to some concrete legislation. Meanwhile, WFRC planners plan-ners are awaiting a final decision deci-sion from the cites on whether or not to organize an administrative adminis-trative plan for operation of the plant. All but three communitiesWoods communi-tiesWoods Cross, Syracuse and Sunset have voted to establish an "interlocal agreement" agree-ment" to govern the facility. WHILE SPECIFICS on the interlocal agreement are vague at this point, WFRC Director Will Jefferies says the process will probably be put together with long-term contracts between be-tween the cites. Each city will contract to supply waste to the plant for a pre-determined amount of time. A RESOURCE recovery board, made up of representatives representa-tives from each of the participating partici-pating cities, will act as a vehicle vehi-cle "for getting things done," he said. |