File #: 2026-0036    Version: 1
Type: Ordinance Status: In Committee
File created: 3/3/2026 In control: Budget and Fiscal Management Committee
On agenda: Final action:
Enactment date: Enactment #:
Title: AN ORDINANCE authorizing the King County executive to enter into an agreement with the Washington state Department of Commerce Public Works Board for loan financing for a wastewater capital project.
Sponsors: Rod Dembowski
Indexes: Agreement, capital projects, Executive, loan, Public Works, Wastewater
Attachments: 1. A. Contract Face Sheet Contract Number PC26-96410-010, Public Works Board Construction Loan Contract, 2. 2026-0036 Transmittal Letter, 3. 2026-0036 Fiscal Note, 4. Attachment A. Contract Face Sheet Contract Number PC26-96410-010, Public Works Board Construction Loan Contract, 5. 2026-0036 Legislative Review Form

Drafter

Clerk 02/20/2026

Title

AN ORDINANCE authorizing the King County executive to enter into an agreement with the Washington state Department of Commerce Public Works Board for loan financing for a wastewater capital project.

Body

                     BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:

                     SECTION 1.  Findings:

                     A.  The Washington state Department of Commerce Public Works Board has awarded the department of natural resources and parks $10,000,000 in a Public Works Board loan for the construction phase of a project for the Public Works Board fiscal year 2026 cycle.

                     B.  The low-interest loan will save King County ratepayers $15,282,231 in interest payments over twenty years, which is $4,635,351 net present value as compared to conventional bond financing.

                     C.  The loan will assist in financing the construction phase of the West Point Treatment Plant Raw Sewage Pump Replacement project that is part of King County's wastewater capital improvement program.

                     SECTION 2.  A.  The King County executive or the executive's designee is hereby authorized to enter into an agreement with the Washington state Department of Commerce's Public Works Board for loan financing of capital costs associated with the construction activities of the West Point Treatment Plant Raw Sewage Pump Replacement project.

                     B.  The maximum principal loan amount shall be $10,000,000.

                     C.  The twenty-year loan agreement shall have an annual interest rate of 2.12 percent.

                     D.  The loan agreement shall be substantially in the form of Attachment A to this ordinance.