Title
AN ORDINANCE authorizing a supplemental appropriation of $143,000,000 from the water quality revenue bond fund; and amending the 2017-2018 Biennial Budget Ordinance, Ordinance 18409, Section 131, as amended.
Body
PREAMBLE:
King County received judgment proceeds of approximately $144,000,000 currently held in the wastewater construction fund. To reduce the wastewater treatment division's outstanding debt and ongoing debt service payments, the executive proposes to defease certain outstanding bonds. This ordinance will appropriate the judgement proceeds needed to defease those outstanding bonds. The wastewater treatment division is requesting a supplemental appropriation for the 2017-2018 Biennial Budget Ordinance, Ordinance 18409.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. This ordinance makes a supplemental appropriation of $143,000,000 from the water quality revenue bond fund.
SECTION 2. Ordinance 18409, Section 131, as amended, is hereby amended as follows:
From the water quality revenue bond fund there is hereby appropriated to:
Wastewater treatment debt service $143,000,000