A recount last week confirmed that voters in sparsely populated Andrews County approved a $75 million bond referendum by three votes on May 9.
The final tally had 642 votes in favor of the bonds and 639 votes against. The bonds will be issued on behalf of Waste Control Specialists Inc. to finance a low-level radioactive waste disposal site,
County Judge Richard Dolgener said officials will now begin further negotiations with the company.
The company will sell $75 million of assets to the West Texas county and then lease them back to cover principal and interest on the debt. WCS also will deposit $75 million of stock of its parent company, Valhi Inc., into an escrow account, and pledge all of Valhi’s NYSE-listed stock to back the facility. WCS will reimburse the county for the costs of the election and put $6.3 million annually into an escrow account to provide debt service.
The county has hired First Southwest Co. as financial adviser for the bond sale. Fulbright & Jaworski LLP will serve as bond counsel.
Andrews County has no outstanding rated debt.