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 $1,055,000 in a State Revolving Fund loan for the fiscal year 2025 cycle.
B. The low-interest loan will save King County $340,638 in interest payments over twenty years, which is $266,141 net present value, as compared to conventional bond financing.
C. The State Revolving Fund loan will assist in financing the design phase for the West Point Treatment Plant Grit Classifier 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 design phase of the West Point Grit Classifier project.
B. The maximum loan amount for the West Point Grit Classifier project shall be $1,055,000 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.