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File #: 2018-0424    Version: 1
Type: Ordinance Status: Passed
File created: 9/17/2018 In control: Committee of the Whole
On agenda: Final action: 10/8/2018
Enactment date: 10/11/2018 Enactment #: 18807
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.
Sponsors: Dave Upthegrove
Indexes: Appropriation, Budget, Wastewater
Attachments: 1. Ordinance 18807.pdf, 2. 2018-0424 legislative review form, 3. 2018-0424 transmittal letter, 4. 2018-0424 - 2019 Financial Plan with Proposed Escrow, 5. 2018-0424 fiscal note, 6. 2014-0424_SR_Water Quality Revenue Bond Fund

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