King County - File #: 2011-0249

• File #: 2011-0249
• Version: 2
• Type: Ordinance
• Status: Passed
• File created: 5/31/2011
• In control: Budget and Fiscal Management Committee
• Final action: 6/27/2011
• Enactment #: 17127
• Title: AN ORDINANCE authorizing the King County executive to enter into an amended agreement with the Washington state Department of Ecology for additional loan financing for construction costs of the Ballard Siphon project; and declaring an emergency.
• Sponsors: Larry Phillips
• Indexes: Natural Resources, Department of, Wastewater

Date	Ver.	Action By	Action	Result
6/27/2011	2	Metropolitan King County Council	Hearing Held
6/27/2011	2	Metropolitan King County Council	Passed	Pass
6/21/2011	1	Budget and Fiscal Management Committee	Recommended Do Pass Substitute Consent	Pass
5/31/2011	1	Metropolitan King County Council	Introduced and Referred

Drafter
Clerk 06/23/2011
Title
AN ORDINANCE authorizing the King County executive to enter into an amended agreement with the Washington state Department of Ecology for additional loan financing for construction costs of the Ballard Siphon project; and declaring an emergency.
Body
STATEMENT OF FACTS
1. Washington state Department of Ecology awarded the King County department of natural resources and parks a $19,989,102 state Revolving Fund loan in its fiscal year 2011 cycle to help finance construction costs of the Ballard Siphon project that is part of King County's wastewater capital improvement program.
2. Total cost of the project is $54,627,509.
3. The King County executive was authorized by Ordinance 17018 to enter into a state Revolving Fund loan agreement with the Washington state Department of Ecology for the Ballard Siphon project that included a maximum loan amount of $19,989,102.
4. The state Revolving Fund loan agreement was executed on March 4, 2011.
5. The Washington state Department of Ecology has additional funding available and has offered to amend the agreement for the purpose of increasing the amount of the loan by $11,860,898 from $19,989,102 to $31,850,000.
6. The increased loan amount comes with the same interest rate of 2.8 percent and term of twenty years as the original loan, which will result in savings to ratepayers.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings: Financing the Ballard Siphon project construction costs at favorable interest rates supports King County infrastructure, and the repair of the Ballard Siphon will preserve public health. The executive must sign the amended loan agreement by June 30, 2011, or the opportunity for the county to enter into the amended loan agreement with the state at the favorable interest rate of 2.8 percent lapses. Enactment of this ordinance as an emergency is necessary to meet this deadline.
SECTION 2. The King County executive is hereby authorized to enter...