2009-12-15 21:46:23 -

Fitch Ratings assigns a rating of 'A/F1' to the following two series of California Pollution Control Financing Authority, variable rate demand solid waste disposal revenue bonds (Garden City Sanitation, Inc.

Project).

--$33,000,000 series 2009A;

--$10,000,000 series 2009B.

The ratings are based on the support of two separate irrevocable, direct-pay letters of credit (LOCs) provided by Union Bank, N.A. (rated 'A/F1', with a Stable Outlook by Fitch) for the series 2009A bonds, and by Comerica Bank (rated 'A/F1', with a Negative Outlook on the long-term 'A' rating) for the series 2009B bonds. Under the terms of the LOCs, the banks are obligated to make payments of principal and interest upon maturity, acceleration, and redemption, and purchase price for tendered bonds. The ratings

will expire on the earliest of: (i) Dec. 1, 2014, the stated expiration date of both LOCs, unless such date is extended; (ii) any prior termination of a related LOC; (iii) conversion to a term interest rate mode; and (iv) defeasance of the bonds. The LOCs provide full and sufficient coverage of principal and interest payments due on the bonds, as well as purchase price. In each of the LOCs, interest is computed at a maximum rate of 12% based on a year of 365 days for a period of 45 days. The remarketing agent for both series of the bonds is Westhoff, Cone & Holmstedt. The bonds are expected to be available for delivery on or about Dec. 23, 2009.

The bonds initially bear interest at the weekly interest rate, but may be converted to a term interest rate. While bonds bear interest in the weekly mode, interest payments are paid on the first Wednesday of each month, commencing Jan. 6, 2010, and bondholders have the option to tender their bonds on any business day, upon seven days' prior notice to the trustee or the tender agent. The bonds are subject to mandatory tender: (1) on the first day of any change in the interest rate period; (2) while bearing interest at the weekly rate, on the effective date of an alternate LOC; and (3) on the 2nd business day following the trustee's receipt of notice from the bank of the occurrence of an event of default under the credit agreement. Alternatively, upon such an event of default, the bank has the option to direct the trustee to accelerate the bonds. Receipt by the trustee of a notice of non-reinstatement of the interest portion of the LOC also leads to an immediate acceleration of the bonds. Optional and mandatory redemption provisions also apply to the bonds.

Proceeds of the series 2009A bonds will be used by Garden City Sanitation, Inc., a California corporation, to finance (i) the acquisition of land, the acquisition, construction and renovation of a building to house offices, truck maintenance, washing and storage, the construction and installation of fueling equipment, and the sorting and transfer of solid waste and the acquisition of equipment, rolling stock and vehicles for the collection, processing and transfer of solid waste and other equipment, the acquisition of drop boxes, bins, carts and containers to be located in various incorporated and unincorporated portions of Alameda County, CA, (ii) to refund a portion of the outstanding series 2007A bonds (the prior bonds) and (iii) to pay certain costs associated with the issuance of the series 2009A bonds.

The proceeds of the series 2009B bonds will be used to refund a portion of the prior bonds and to pay certain costs associated with the issuance of the series 2009B bonds.

Additional information is available at ' www.fitchratings.com : '.

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS : .

IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE ' WWW.FITCHRATINGS.COM : '.

PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.

Fitch Ratings, New YorkTrudy Zibit, 212-908-0689orMedia
Relations:Cindy Stoller, 212-908-0526Email: cindy.stoller@fitchratings.com : mailto:cindy.stoller@fitchratings.com