Share to Facebook Share to Twitter Bookmark and Share
File #: 2019-0049    Version:
Type: Ordinance Status: Passed
File created: 2/6/2019 In control: Budget and Fiscal Management Committee
On agenda: Final action: 5/22/2019
Enactment date: 5/30/2019 Enactment #: 18898
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 refunding bonds and multi-modal limited tax general obligation refunding bonds (payable from sewer revenues) of the county for refunding outstanding obligations of the county payable from sewer revenues; providing for the form, terms and covenants of such bonds; providing for the sale of the bonds in one or more series and for a plan of refunding; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; pledging sewer revenues to pay the principal of and interest on junior lien sewer revenue bonds issued under this ordinance; and pledging the annual levy of taxes and an additional pledge of sewer revenues to pay the principal of and interest on multi-modal limited tax general obligation bonds issued under this ordinance.
Sponsors: Claudia Balducci
Indexes: capital projects, Finance, Sewer Districts
Attachments: 1. Ordinance 18898, 2. 2019-0049 legislative review form, 3. A. Outstanding Obligations, 4. B. Form of Junior Lien Obligations, 5. C. Form of Multi-Modal LTGO-Sewer Revenue Bonds, 6. 2019-0049 transmittal letter, 7. 2019-0049 fiscal note, 8. 2019-0049_SR_Refinancing Sewer Bonds, 9. 2019-0049_SR_dated_05142019_Refinancing Sewer Bonds--mr5-11, 10. Amendment from 5-22-19
Staff: Reed, Mike
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 refunding bonds and multi-modal limited tax general obligation refunding bonds (payable from sewer revenues) of the county for refunding outstanding obligations of the county payable from sewer revenues; providing for the form, terms and covenants of such bonds; providing for the sale of the bonds in one or more series and for a plan of refunding; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; pledging sewer revenues to pay the principal of and interest on junior lien sewer revenue bonds issued under this ordinance; and pledging the annual levy of taxes and an additional pledge of sewer revenues to pay the principal of and interest on multi-modal limited tax general obligation bonds issued under this ordinance.
Body
PREAMBLE:
The county owns and operates facilities for the conveyance and treatment of sewage and the 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 rat...

Click here for full text