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OMM Minutes for the Meeting of November 22, 1993 r� 985 is among their oldest. Around the country, 12% of trash is taken to waste -to-- energy plants; in Massachusetts, that figure is around 48 %. He invited the Board to tour the plant, a 1,500 -1,600 ton a day facility which generates 40 megawatts of electricity while P S rocessin over 400,000 tons of refuse annually. He explained the pr ocess whereby trash goes in, is burned, and transferred to steam and then electricity, which is sold to New England Power, with the ash taken to a landfill in Peabody and the remaining recyclable scrap metals sold o f f . Mr. Rothstein explained that today's tipping fee of $85.00 per ton is among the highest in Massachusetts and the country. He indi - cated that tipping prices have gone up dramatically because assump- tions of electricity are going up and closing of the landfills have not happened as rapidly as predicted. NESWC has been working to stabilize this in past few months by 1) refinancing the bond which translated into a $32 savings; 2} establishing a more aggres- sive investment program; and 3) reorganizing the NESWC board to improve the decision - making process and bring in new management. He said the challenges for the future include trying to stabilize these costs through renegotiating the take or pay provision with Wheelabra - for, which is a disincentive to recycling, and renegotiating the disadvantageous contract with New England Power to get a higher price for electricity; looking for ways to fund the additional scrubbers req uired by the 1990 Clean Air Act; pursuing legislative opportunities and legal issues; and focusing on marketing to bring in additional communities to share costs. As part of the legislative process, NESWC will be coming to the Board asking for legislative support, for instance, to encourage the Department of Environmental Protection to close landfills. Questions and comments from the Board dealt with the tipping fee which is high compared to a state range from the mid --$20 to the high $90s, and the state -wide average o f $58 -€0 per ton; questions about why the low price for electricity; and whether Wheelabrator makes a p rofit. Mr Rothstein explained the contract with New England Power which is costing taxpayers money, and the reasons why it is difficult to determine whether or not Wheelabrator is profiting on this opera - tion. Mr. white gave some background to put a perspective on state's role in forming NESWC and why the contract was advantageous at the time but not under today's circumstances. On behalf of the Board, Mr. Dailey p romised support and asked Mr. Rothstein that he be imaginative in the approach that he take. PERMANENT BOND AUTHORIZATION Mr. white asked the Board to confirm the sale of bonds of $8.2 million to State Street Bank and Trust at the very competitive inter- e s t rate of 3.7814%; and included refinancing of the remainder of school and conservation debt as well as other enterprise related borrowing and some additional school debt. He reported that the Town received five bids ranging from 4. to 3. 7814 %. The refinancing will save $413,438 over the life of loan. Mr. Dailey complimented Mr. white and Mr. Ryan for sell the bonds at the very competitive interest rate. Questions and comments from Board included how many in Massachusetts have AAA rating. Mr. Ryan indicated f Upon motion duly made and seconded, it was voted: managing to communities communities. That the sale