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File #: 2020-0188    Version: 1
Type: Ordinance Status: Passed
File created: 5/26/2020 In control: Budget and Fiscal Management Committee
On agenda: Final action: 6/23/2020
Enactment date: 7/8/2020 Enactment #: 19113
Title: AN ORDINANCE authorizing the executive to execute an amendment to an agreement approved under Ordinance 18959 with the Washington state Department of Ecology for loan financing for a wastewater capital project.
Sponsors: Jeanne Kohl-Welles
Indexes: Agreement, Executive, Natural Resources, Department of, Washington, State of, Wastewater
Attachments: 1. Ordinance 19113, 2. A. Department of Ecology State of Washington Amendment No. 1 to Agreement No. WQC-2019-KCoNRP-00040 Between the State of Washington Department of Ecology and King County Natural Resources and Parks, 3. 2020-0188 Legislative Review Form 2, 4. 2020-0188 Transmittal Letter, 5. 2020-0188 Signed Transmittal Letter, 6. 2020-0188 Copy of Fiscal Note, 7. 2020-0188 Agreement A, 8. 2020-0188 Agreement B

Drafter

Clerk 05/13/2020

Title

AN ORDINANCE authorizing the executive to execute an amendment to an agreement approved under Ordinance 18959 with the Washington state Department of Ecology for loan financing for a wastewater capital project.

Body

                     BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:

                     SECTION 1.  Findings:

                     A.  Ordinance 18959 authorized the executive to enter into an agreement with the Washington state Department of Ecology for loan financing for two wastewater capital projects:  the construction phase of the Georgetown Wet Weather Treatment Station project and the design phase of the Ship Canal water quality project.  The original loan agreement for the construction phase of the Georgetown Wet Weather Treatment Station project is for a maximum loan amount of $11,543,000.

                     B.  The Washington state Department of Ecology awarded the department of natural resources and parks an additional $37,141,994 in State Revolving Fund Loans for the fiscal year 2020 cycle, for the construction phase of the Georgetown Wet Weather Station project.

                     C.  The new maximum loan amount for the construction phase of the Georgetown Wet Weather Treatment Station project will be $48,684,994.  The additional loan amount will save King county $5,886,627 in interest payments over thirty years, which is a $5,939,308 net present value, as compared to conventional bond financing.

                     SECTION 2.  The King County executive is hereby authorized to execute an amendment with the Washington state Department of Ecology for the construction phase

of the Georgetown Wet Weather Treatment Station, substantially in the form of Attachment A to this ordinance.