Drafter
Clerk 3/12/2007
Title
AN ORDINANCE authorizing the issuance of the county's limited tax general obligation bonds (payable from sewer revenues) in the aggregate principal amount of not to exceed $440,000,000 to provide funds for refunding certain bonds of the county payable from sewer revenues; providing for the form, terms and covenants of such bonds and for a plan of refunding; providing for the sale of the bonds; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; providing for the annual levy of taxes to pay the principal thereof and interest thereon; and pledging sewer revenues as additional security for the bonds.
Body
PREAMBLE:
The county owns and operates facilities for the conveyance and treatment of sewage and control of combined sewer overflows that include, but are not limited to, 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 (collectively the "Sewer System" or 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 (the "Participants") obligate the county, to treat and dispose of sewage collected by the Participants. The Participants must pay the costs of such services including debt service on sewer revenue bonds, including the bonds authorized herein, and other indebtedness payable from and secured by sewer revenues.
The county has issued the following series of sewer revenue bonds with a senior lien on revenues of the Sewer System (the "Parity Bonds"):
Designation
Ordinance
Date of Issue
Original Principal
Outstanding Principal
(1/1/2007)
1999 (2nd) Bonds
13650
11/01/1999
6...
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