File #: 2004-0358    Version: 1
Type: Ordinance Status: Passed
File created: 7/19/2004 In control: Budget and Fiscal Management Committee
On agenda: Final action: 10/4/2004
Enactment date: 10/7/2004 Enactment #: 15033
Title: AN ORDINANCE authorizing the issuance of the county's limited tax general obligation bonds (payable from sewer revenues) in the aggregate principal amount of not to exceed $220,000,000 to provide funds for acquiring and constructing improvements to the sewer system of the County; providing for the form, terms, covenants and other provisions of such bonds; providing for the sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; providing for the annual levy of taxes to pay the principal thereof and interest thereon; and pledging sewer revenues as additional security for the bonds.
Sponsors: Larry Gossett
Indexes: Bonds, Funds, levy, Security, Taxes
Attachments: 1. Ordinance 15033.pdf, 2. 2004-0358 Attachment 4 to 9-29-04 Staff Report.pdf, 3. 2004-0358 Revised Staff Report 9-29-04, 4. 2004-0358 Staff Report 09-29-04, 5. 2004-0358 transmittal letter.doc, 6. A. EXHIBIT A. Form of Bond
Drafter
Clerk 07/15/2004
Title
AN ORDINANCE authorizing the issuance of the county's limited tax general obligation bonds (payable from sewer revenues) in the aggregate principal amount of not to exceed $220,000,000 to provide funds for acquiring and constructing improvements to the sewer system of the County; providing for the form, terms, covenants and other provisions of such bonds; providing for the sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; providing for the annual levy of taxes to pay the principal thereof and interest thereon; and pledging sewer revenues as additional security for the bonds.
Body
PREAMBLE:
The Municipality of Metropolitan Seattle ("Metro") was created by public vote to exercise the powers conferred by Chapter 35.58 of the Revised Code of Washington ("RCW") related to water pollution abatement. RCW 35.58.200 confers specific powers to prepare and implement a comprehensive water pollution abatement plan including provisions for waterborne pollutant removal, water quality improvement, sewage disposal and storm water drainage. In the exercise of those powers, Metro adopted a comprehensive water pollution abatement plan for the Seattle metropolitan area. This plan has been implemented in stages and has included facilities for the conveyance and treatment of sewage and control of combined sewer overflows that include, but are not limited to, wastewater treatment plants, interceptor and trunk sewers, pumping stations, regulator stations, outfall sewers, storm sewers to divert stormwater from sanitary sewers, lands for application of biosolids, property rights, buildings and other structures (collectively, the "Sewer System").
Pursuant to the authority of Chapter 36.56 RCW and a special county election, the county on January 1, 1994 assumed the rights, powers, functions and obligations of Metro, including operation of the Sewer System to carry out the func...

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