File #: 2019-0159    Version: 1
Type: Ordinance Status: Passed
File created: 4/24/2019 In control: Budget and Fiscal Management Committee
On agenda: Final action: 5/29/2019
Enactment date: 6/5/2019 Enactment #: 18901
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 solid waste capital project.
Sponsors: Claudia Balducci
Indexes: capital projects, Contracts, Executive, Solid Waste
Attachments: 1. Ordinance 18901, 2. 2019-0159 legislative review form, 3. A. Contract Face Sheet Public Works Board Construction Loan Contract, 4. 2019-0159 transmittal letter, 5. 2019-0159 fiscal note, 6. 2019-0158_0159_SR_SWLoanAgreements
Staff: Soo Hoo, Wendy

Drafter

Clerk 04/11/2019

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 solid waste capital project.

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                     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 $1,583,050 in a public works board loan for the repair and upgrade of the landfill gas collection system at the Cedar Hills regional landfill for the public works board fiscal year 2018 cycle.

                     B.  Compared to conventional bond financing the low-interest loan will save King County $502,930 in interest payments over twenty years.

                     C.  The loan will assist in financing capital project 1129847 Solid Waste Cedar Hills Regional Landfill North Flare Station Rehabilitation, which is part of the solid waste division's appropriated capital improvement program.  The project is to repair and make upgrades to the North Flare Station and its landfill gas collection system.

                     SECTION 2.  A.  The King County executive or 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 repair and upgrade of the North Flare Station project.

                     B.  The maximum loan amount shall be $1,583,050.

                     C.  The twenty-year loan agreement shall have an annual interest rate of 1.66 percent.

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