Drafter
Clerk 10/30/2024
Title
AN ORDINANCE authorizing the executive to execute an amendment to the agreement approved under Ordinance 19361 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 19361 authorized the executive to enter into an agreement with the Washington state Department of Ecology for loan financing for the construction phase of the Ship Canal water quality project. The maximum loan amount for the Ship Canal water quality project under the original agreement is $66,000,000 plus interest. This 30-year loan agreement has an interest rate of 1.6 percent.
B. Ordinance 19575 authorized Amendment 2 to the original loan agreement to add $26,015,629 in loan funding for the construction phase of the Ship Canal water quality project. The loan amount authorized by Ordinance 19575 has a term of thirty years and an interest rate of 1.4 percent, making the total loan amount $92,015,629 for the loan agreement.
C. Amendment No. 3 would extend the expiration date of the loan agreement from January 1, 2025, to January 1, 2026. The loan agreement, as amended, will save King County $33,168,311 in interest payments over thirty years, which is $19,144,710 net present value, as compared to conventional bond financing.
SECTION 2. The King County executive is hereby authorized to execute Amendment No. 3 (sic) to the original agreement with the Washington state Department of Ecology for the construction phase of the Ship Canal water quality project, substantially in the form of Attachment A to this ordinance.