File #: 2003-0221    Version: 1
Type: Ordinance Status: Passed
File created: 6/2/2003 In control: Utilities Committee
On agenda: Final action: 6/30/2003
Enactment date: 7/2/2003 Enactment #: 14697
Title: AN ORDINANCE authorizing the executive to enter into four agreements with the Washington state Department of Ecology for loan financing of four wastewater capital projects.
Sponsors: Larry Phillips
Indexes: Agreement, Wastewater
Attachments: 1. Ordinance 14697.pdf, 2. 2003-0221 Fiscal Note.xls.doc, 3. 2003-0221 SRF Loan Fiscal Note.xls, 4. 2003-0221 Transmittal Letter.doc, 5. A. Washington State Water Pollution Control Revolving Fund Loan Agreement between the State of Washington Department of Ecology and the King County Department of Natural Resources and Parks, 6. Staff Report 6-24-03
Drafter
Clerk 05/15/2003
title
AN ORDINANCE authorizing the executive to enter into four agreements with the Washington state Department of Ecology for loan financing of four wastewater capital projects.
body
      BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
      SECTION 1.  A.  The executive or the executive's designee is hereby authorized to enter into four agreements with the Washington state Department of Ecology for loan financing of capital  costs associated with:
        1.  The Henderson/M.L. King combined sewer overflow project;
        2.  The Denny Way/Lake Union combined sewer overflow project—Elliott West pipelines;
        3.  The Southwest interceptor project; and
        4.  Wastewater system security improvements.
      B.  The maximum respective loan amounts shall be:
        1.  $57,548,363;
        2.  $12,549,757;
        3.  $7,929,125; and
        4.  $1,550,000.
      C.  All four agreements shall incorporate an annual interest rate of 1.5 percent and a loan term of twenty years and be substantially in the form of Attachment A to this ordinance, which is a sample agreement.