$25,000,000
Capital Projects Finance Authority
Solid Waste Disposal Revenue Bonds
(Capital Projects Loan Program - Peerless Dade, Inc. Project)
$22,500,000 Tax Exempt Series 1998C and
$2,500,000 Taxable Series 1998D


On November 10, 1998, the Authority issued its Series 1998C and 1998D bonds to finance the acquisition, renovation, construction, and equipping of a solid waste facility in Dade County, Florida known as the Dade Recycling Center. The facility was acquired by Peerless Dade, Inc. (the Company). The Company is a subsidiary of Peerless Group, Inc. (the parent company) d/b/a Peerless Waste Industries, a Florida corporation which was formed in April, 1996. The parent company currently operates several similar facilities in the Southeast United States.


The facility is a permitted construction and debris solid waste disposal facility located in Dade County, Florida, near the town of Miami Lakes. The Company plans to apply for a Class III landfill permit which would allow for the disposal of all dry waste.


The Bonds will be payable solely from and secured by Note Payments made pursuant to a Loan Agreement between the Authority and the Company. The Bonds will be additionally secured by an irrevocable guaranty executed by the Company and the parent company. The Bonds carry various fixed rates of interest ranging from 7.125% on part of the Series 1998C bonds to 10.75% on part of the 1998D bonds. The final maturity on the bonds is 2018.