File #: 2017-0380    Version: 1
Type: Ordinance Status: Passed
File created: 9/25/2017 In control: Budget and Fiscal Management Committee
On agenda: Final action: 10/23/2017
Enactment date: Enactment #: 18589
Title: AN ORDINANCE providing long-term financing for capital needs of the county's sewer system by authorizing the issuance of junior lien sewer revenue bonds of the county in an aggregate principal of $50,000,000 to provide funds for acquiring and constructing improvements to the sewer system; providing for the form, terms and covenants of such bonds; providing for the sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and pledging sewer revenues to pay the principal of and interest on junior lien sewer revenue bonds issued under this ordinance.
Sponsors: Dave Upthegrove
Indexes: Bonds
Attachments: 1. Ordinance 18589.pdf, 2. Legislative Review Form.pdf, 3. 2017-0380 transmittal letter.doc, 4. 2017-0380 Copy of 2017 Wastewater New JLO FiscalNote.xlsx, 5. A. Outstanding Parity Bonds, 6. B. Outstanding Parity Lien Obligations, 7. 2017-0380 & 0381 Variable Rate Borrowing _SR_.docx
Staff: Hamacher, Patrick
Outstan
Drafter
Clerk 09/07/2017
title
AN ORDINANCE providing long-term financing for capital needs of the county's sewer system by authorizing the issuance of junior lien sewer revenue bonds of the county in an aggregate principal of $50,000,000 to provide funds for acquiring and constructing improvements to the sewer system; providing for the form, terms and covenants of such bonds; providing for the sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and pledging sewer revenues to pay the principal of and interest on junior lien sewer revenue bonds issued under this ordinance.
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 metro...

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