Drafter
Clerk 3/7/2006
Title
AN ORDINANCE authorizing the issuance of sewer revenue bonds of the county in the aggregate principal amount of not to exceed $350,000,000 to provide funds for acquiring and constructing improvements to the sewer system of the county and for refunding certain outstanding sewer revenue bonds of the county; providing for the form, terms, covenants and other provisions of such bonds; providing for the sale of the bonds and for a plan of refunding; establishing funds for the receipt and expenditure of bond proceeds and for the payment of the bonds; and pledging sewer revenues to pay the principal of and interest on the bonds.
Body
PREAMBLE:
The Municipality of Metropolitan Seattle ("Metro") was created by public vote to exercise the powers conferred by Chapter 35.58 of the Revised Code of Washington ("RCW") related to water pollution abatement. RCW 35.58.200 confers specific powers to prepare and implement a comprehensive water pollution abatement plan including provisions for waterborne pollutant removal, water quality improvement, sewage disposal and storm water drainage. In the exercise of those powers, Metro adopted a comprehensive water pollution abatement plan for the Seattle metropolitan area. This plan has been implemented in stages and has included 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").
In 1994, pursuant to the authority of Chapter 36.56 RCW and a special county election, the county assumed the rights, powers, functions and obligations of Metro, including operation of the Sewer System to carry out the functions of metropolitan water pollu...
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