File #: 2017-0382    Version: 1
Type: Ordinance Status: Passed
File created: 9/25/2017 In control: Budget and Fiscal Management Committee
On agenda: Final action: 10/16/2017
Enactment date: 10/19/2017 Enactment #: 18581
Title: AN ORDINANCE providing long-term financing for the capital needs of the county's sewer system by authorizing the issuance of multi-modal limited tax general obligation refunding bonds (payable from sewer revenue) of the county for refunding certain outstanding obligations of the county; providing for the form, terms and covenants of such bonds; providing for the sale of the bonds in one or more series; and pledging the annual levy of taxes and an additional pledge of sewer revenue to pay the principal of and interest on such bonds.
Sponsors: Dave Upthegrove
Indexes: Bonds, levy, Taxes
Attachments: 1. Ordinance 18581.pdf, 2. Legislative Review Form.pdf, 3. 2017-0382 Transmittal Letter.doc, 4. 2017-0382 Copy of 2017 Wastewater Multi-Modal Ordinance fiscal note.xlsx, 5. A. Parity Bonds, 6. B. Parity Lien Obligations, 7. 2017-0382 & 0383 Variable Rate Borrowing _SR_.docx
Staff: Hamacher, Patrick

Drafter
Clerk 09/07/2017
title
AN ORDINANCE providing long-term financing for the capital needs of the county's sewer system by authorizing the issuance of multi-modal limited tax general obligation refunding bonds (payable from sewer revenue) of the county for refunding certain outstanding obligations of the county; providing for the form, terms and covenants of such bonds; providing for the sale of the bonds in one or more series; and pledging the annual levy of taxes and an additional pledge of sewer revenue to pay the principal of and interest on such bonds.
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 (including the bonds authorized by this ordinance) 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 Par...

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