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AN ORDINANCE relating to solid waste financing of projects in the landfill reserve fund; and amending Ordinance 12076, Section 13, as amended, and K.C.C.4A.200.390.
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STATEMENT OF FACTS:
1. The solid waste division of the department of natural resources and parks provides essential public services that protect human health, the environment and the quality of life in our region.
2. The solid waste division operates the Cedar Hills regional landfill, eight transfer stations and two drop boxes. It also provides innovative programs to help customers prevent and recycle waste.
3. Until now, projects in the landfill reserve fund were paid for entirely using cash proceeds, which created large variations in the amount of cash required to adequately maintain and develop Cedar Hills Regional Landfill.
4. Using bond proceeds, as well as cash, to finance projects in the Landfill Reserve Fund will smooth the effect those projects have on the rate while supporting financial practices consistent with the King County Comprehensive Financial Management Policies.
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12076, Section 13, as amended, and K.C.C.4A.200.390 are hereby amended as follows:
A. There is hereby created a landfill reserve fund.
B. The fund shall be a first tier fund. It is an enterprise capital fund.
C. The director of the department of natural resources and parks shall be the manager of the fund.
D.1. The executive's proposed ((annual)) biennial budget shall specify a per-ton amount, included within the solid waste disposal fees approved by council, that shall be used to provide revenue for projects budgeted in the landfill reserve fund and an associated transfer from the solid waste fund to the landfill reserve fund. ((The transfers to and from the landfill reserve fund should occur monthly.))
2. All proceeds from bonds issued for projects budgeted in the landfill reserve fund shall be deposited in the fund.
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