Drafter
Clerk 07/08/2026
Title
AN ORDINANCE authorizing the King County executive to enter into an agreement with the Washington state Department of Ecology for loan financing of a wastewater capital project.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. The Washington state Department of Ecology has awarded the department of natural resources and parks $35,215,000.00 in a State Revolving Fund loan for the fiscal year 2026 cycle.
B. The low-interest loan will save King County $13,675,378.00 in interest payments over twenty years, which is $8,279,877.00 net present value, as compared to conventional bond financing.
C. The State Revolving Fund loan will assist in financing the construction phase for the Raw Sewage Pump Replacement and Grit Classifier Replacement projects at the West Point Treatment Plant that is part of King County's wastewater capital improvement program.
SECTION 2. A. The King County executive or designee is hereby authorized to enter into an agreement with the Washington state Department of Ecology for the construction phase of the West Point Raw Sewage Pump Replacement and Grit Classifier Replacement projects.
B. The maximum loan amount for the West Point Raw Sewage Pump Replacement and Grit Classifier Replacement projects shall be $35,215,000.00 plus interest.
C. The thirty-year loan agreement shall have an annual interest rate of 2.7 percent.
D. The loan agreement shall be substantially in the form of Attachment A to this ordinance.