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 $8,132,882 in a State Revolving Fund loan for the fiscal year 2025 cycle.
B. The low-interest loan will save King County $2,625,940 in interest payments over twenty years, which is $2,051,652 net present value, as compared to conventional bond financing.
C. The State Revolving Fund loan will assist in financing the planning phase for the Sammamish Plateau Diversion project 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 this agreement with the Washington state Department of Ecology for the planning phase of the Sammamish Plateau Diversion project.
B. The maximum loan amount for the Sammamish Plateau Diversion project shall be $8,132,882 plus interest.
C. The twenty-year loan agreement shall have an annual interest rate of 1.2 percent.
D. The loan agreement shall be substantially in the form of Attachment A to this ordinance.