File #: 2013-0106    Version:
Type: Ordinance Status: Passed
File created: 2/19/2013 In control: Budget and Fiscal Management Committee
On agenda: Final action: 3/25/2013
Enactment date: 4/4/2013 Enactment #: 17542
Title: AN ORDINANCE authorizing the King County executive to enter into an agreement with the Washington state Public Works Board for loan financing for two wastewater capital projects.
Sponsors: Larry Phillips
Indexes: Boards, Interlocal Agreement, Public Works, Wastewater
Attachments: 1. Ordinance 17542.pdf, 2. 2013-0106 transmittal letter.doc, 3. A. Public Works Trust Fund Construction Loan Agreement Number, 4. 2013-0106 Fiscal Note 1.xlsx, 5. 2013-0106 Fiscal Note 2.xlsx, 6. A. 2013 Construction Loan Agreement between King County and Public Works Board for King County’s South Plant Agitation Blower Replace Loan Number EW13-961-092, 7. B. 2013 Pre-Construction Loan Agreement between King County and Public Works Board for West Point Treatment Dewatering Centrifuge, Loan Number PR13-951-082, 8. 2013-0106 PWTF for WTD projects.doc, 9. 2013-0106 PWTF for WTD projects (02-20-13 REVISED staff report).doc, 10. A. 2013 Construction Loan Agreement between King County and Public Works Board for King County’s South Plant Agitation Blower Replace Loan Number EW13-961-092, 11. B. 2013 Pre-Construction Loan Agreement between King County and Public Works Board for West Point Treatment Dewatering Centrifuge, Loan Number PR13-951-082
Staff: Mountsier, Beth
Drafter
Clerk 03/20/2013
title
AN ORDINANCE authorizing the King County executive to enter into an agreement with the Washington state Public Works Board for loan financing for two wastewater capital projects.
body
      BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
      SECTION 1.  Findings.
      A.  The Washington state Public Works Board has awarded to the King County department of natural resources and parks $968,215 in Public Works Trust Fund loans for a preconstruction loan and an energy efficiency loan for fiscal year 2013 cycle.
      B.  These low-interest loans will save King County $1,236,377 in interest payments over forty years, which is $106,980 net present value, as compared to conventional bond financing.
      C.  These Public Works Trust Fund loans will help finance two projects that are part of King County's wastewater capital improvement program.
      SECTION 2.  A.  The executive or the executive's designee is hereby authorized to enter into two agreements with the Washington state Public Works Board for loan financing of capital costs associated with:
        1.  South Plant agitation blowers replacement; and
        2.  West Point Treatment Plant dewatering centrifuges replacement project.
      B.  The maximum respective loan amounts shall be:
        1.  $668,215; and
        2.  $300,000.
      C.  The loan agreements shall incorporate respective interest rates and loan terms of:
        1.  One percent for ten years; and
        2.  One percent for five years.
      D.  The loan agreement is substantially in the form of Attachment A and Attachment B to this ordinance.
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