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AN ORDINANCE determining the monetary requirements for the disposal of sewage for the fiscal year beginning January 1, 2007, and ending December 31, 2007, setting the sewer rate for the fiscal year beginning January 1, 2007, and ending December 31, 2007, and approving the amount of the sewage treatment capacity charge for 2007, in accordance with RCW 35.58.570; and amending Ordinance 12353, Section 2, as amended, and K.C.C. 4.90.010, Ordinance 15194, Section 2, and Ordinance 11398, Section 1, as amended, and K.C.C. 28.84.055.
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BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12353, Section 2, as amended, and K.C.C. 4.90.010 are each hereby amended to read as follows:
A. Having determined the monetary requirements for the disposal of sewage, the council hereby adopts a ((2006)) 2007 sewer rate of ((twenty-five dollars and sixty cents)) twenty-seven dollars and ninety-five cents per residential customer equivalent per month. Once a sewer rate ordinance becomes effective, the clerk of the council is directed to deliver a copy of that ordinance to each agency having an agreement for sewage disposal with King County.
B. The King County council approves the application of Statement of Financial Accounting Standards No. 71 (FAS 71) to treat pollution remediation obligations as regulatory assets and establish a rate stabilization reserve for the purpose of leveling rates between years.
C. As required for FAS 71 application amounts are to be placed in the rate stabilization reserve from ((2005)) operating revenues and removed from the calculation of debt service coverage ((for 2005)). The reserve balance shall be an amount at least sufficient to maintain a level sewer rate between ((2005)) 2007 and ((2006)) 2008, and shall be used solely for the purposes of: maintaining the level sewer rate in ((2006)) 2008; and if additional reserve balance is available, moderating future rate increases beyond the ((2005-2006)) 2007-2008 per...

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