Morris Patriots !         

10/29/15
Morris County taxpayers are on the hook for at least $6 million in unfunded debt, and possibly as much as $20 million, as a result of its Solar II initiative.

Link:  MCIA Meeting Dates

Link:  Morris County Freeholders Meeting Dates

The background is detailed elsewhere, but on Wednesday, November 16, 2015 at 6:30 pm, the Morris County Improvement Authority will hold its next public meeting to present analysis of the options, going forward.  The meeting takes place in the 5th Floor Knox Conference Room of the Administration & Records Building, Court St., Morristown.  Parking is available at street meters, after 5 pm in the county parking lot on the right side of Schuyler Place, or in the Public Parking Garage on the left side of Schuyler Place.

Note: County links may require that you "allow" certain "cookies" in your browser to view the site.

Links:  (Most are downloadable pdf files)

10/28/15 Net Present Value Analysis, Build / No Build

10/15/15 Buildout Timeline projection

10/23/15 Inventory of Panels, MC

10/23/15 Removal Costs

10/21/15 EPC Contract Responsibilities

10/14/15 Updated Recommended Buildout Site List

10/14/15 Review of ALL Unbuilt Sites

10/15/15 15-year Projected SREC Pricing

Trade Journal: Solar Industry Needs Tax Credits

Review of Proposals by Matrix 150707

Website - "SRECTrade," SACP pricing discussion

Website - NJ SREC pricing discussion

Background Documents 9/24/15 memo & projections (pdf)

Preliminary Evaluation of Potential Build-Out Sites (pdf)

Website for Morris County Improvement Authority

Website for Board of Chosen Freeholders

Freeholder Meeting Schedule, Agendas, Minutes

Freeholder Calendar of Events

MORRIS_Solar-II_Amendment_&_Consent_No-1_121201

MORRIS Solar-II Amendment & Consent No-2 131001

MORRIS Solar-II Amendment & Consent No-3 150315

Description of the "Morris Model" for Solar financing

9/2011 Evaluation of RFP responses

10/3/15
The October 5 meeting of the Improvement Authority (above) is intended as a briefing for the public on what the MCIA has done since the Arbitration Settlement in February, 2015. 

The MCIA and Morris County Board of Chosen Freeholders must decide how to respond to the situation they face, where original contractors did not complete the intended construction of Solar facilities in Morris County.

The options essentially boil down to two: 

1) Stop all additional solar construction and accept the financial obligation which has already been incurred (could be up to $20 million, according to April 2015 estimates)

2) Use funds on deposit from a prior bond sale to build additional solar facilities, so that the production of solar energy will produce funds and subsidies to reduce the debt costs already incurred (in April, it was estimated this option could reduce the losses from $20 million to $6 million).

The Solar II initiative that Morris County undertook was a complex and hard-to-understand initiative.  It was motivated by pressures from the U.S. and State governments to emphasize "renewable energy," by requests from municipalities and school districts for help in reducing their energy costs, by consultants who developed a financing model they wanted to use to sell their services to other counties and states.

Regardless, the situation presently is that Morris County has borrowed money on which it owes bond holders for principal and interest, and by the terms of the bond issue, it cannot just refund unused funds until five years have passed ("recapture period").  So, to reduce losses, it has the two options above.

The October 5 meeting will be a briefing to the public on the MCIA's analysis over recent months of what can be done now, what offers the greatest promise of success, and what the "break points" are for each individual project (15 are under consideration).

The public would be best served, in our opinion, by attending, listening with an open mind, and asking questions frankly, without accusation.  Many meetings have been held on this issue during 2015 which have been attended by informed members of the public (and in particular, Morris Patriots).

-- Bill Eames

Sussex County official website

Sussex County Freeholders

Somerset County official website

Somerset County Freeholders

Here is a link to an organization that monitors Union County activities:

Union County Watchdog Association