Drafter
Clerk 07/10/2026
Title
AN ORDINANCE authorizing the King County executive to execute an amendment to an agreement approved under Ordinance 19874 with the Washington state Department of Ecology for loan financing of a wastewater capital project.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. Ordinance 19874 authorized the King County executive to enter into an agreement with the Washington state Department of Ecology for loan financing for the has awarded the department of natural resources and parks $8,132,882 in a State Revolving Fund loan for the fiscal year 2025 cycle.
B. An amendment to the original loan is required to extend the loan expiration date from July 31, 2026, to July 31, 2027. The low-interest loan will save King County $3,433,240 in interest payments over twenty years, which is $2,589,678 net present value, as compared to conventional bond financing.
C. The State Revolving Fund loan will assist in financing the planning phase for the Sammamish Plateau Diversion project that is part of King County's wastewater capital improvement program.
SECTION 2. A. The King County executive or designee is hereby authorized to enter into this amendment with the Washington state Department of Ecology for the planning phase of the Sammamish Plateau Diversion project.
B. The maximum loan amount for the Sammamish Plateau Diversion project shall remain at $8,132,882 plus interest.
C. The twenty-year loan agreement shall remain at an annual interest rate of 1.2 percent.
D. The loan amendment shall be substantially in the form of Attachment A to this ordinance.