Drafter
Clerk 09/29/2016
title
AN ORDINANCE amending Ordinance 18141, adopted by the council on October 26, 2015, which authorized the issuance and sale of junior lien sewer revenue bonds in the aggregate principal amount of $100,000,000, for the purpose of removing the time restriction on remarketing those bonds; and amending Ordinance 18141, Section 22.
Body
PREAMBLE:
The county owns and operates facilities for the conveyance and treatment of sewage and control of combined sewer overflows that include 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, and buildings and other structures and equipment (collectively "the System"), all in accordance with a comprehensive plan for metropolitan water pollution abatement under the authority of chapters 36.56 and 35.58 of the Revised Code of Washington ("RCW").
Long-term service agreements with participating municipalities and other entities ("the Participants") obligate the county to treat and dispose of sewage collected by the Participants. The Participants must pay the costs of these services, including debt service on bonds payable from sewer revenues and other indebtedness payable from and secured by sewer revenues. Comparable rates and charges have been established for customers who deliver sewage to the System but are not subject to a contract with the county for this service.
In accordance with RCW 35.58.200(3), the county has declared that the health, safety and welfare of people within the metropolitan area require that certain Participants discharge sewage collected by those Participants into facilities of the System.
Pursuant to Ordinance 18141 ("the Original Ordinance"), the county has issued and sold its junior lien sewer revenue bonds in the aggregate principal amount of $100,000,000 ("the Bonds").
Pursuant to the Original Ordinance...

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