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File #: 2021-0209    Version: 1
Type: Ordinance Status: Passed
File created: 6/8/2021 In control: Budget and Fiscal Management Committee
On agenda: Final action: 9/7/2021
Enactment date: Enactment #: 19324
Title: AN ORDINANCE amending Ordinance 18898, adopted by the council on May 22, 2019, which authorized the issuance of junior lien sewer revenue refunding bonds and multi-modal limited tax general obligation refunding bonds (payable from sewer revenues) of the county to expand the definition of refunding candidates, to clarify that the county may provide credit enhancement or a liquidity facility, to amend definitions relating to balloon maturity bonds on a springing basis, and to clarify cash refunding plans; amending certain definitions in Ordinance 18898, Section 1; and amending Ordinance 18898, Section 1, Ordinance 18898, Section 15, and Ordinance 18898, Section 17.
Sponsors: Jeanne Kohl-Welles
Indexes: Bonds
Attachments: 1. 2021-0209 transmittal letter, 2. 2021-0209 Financial Plan, 3. 2021-0209 Legislative Review Form, 4. 2021-0209_SR_Amend Sewer Refunding Ordinance, 5. 2021-0209_SR_dated_08172021_Amend Sewer Refunding Ordinance
Related files: 2019-0049
Staff: Reed, Mike
Drafter
Clerk 05/28/2021
Title
AN ORDINANCE amending Ordinance 18898, adopted by the council on May 22, 2019, which authorized the issuance of junior lien sewer revenue refunding bonds and multi-modal limited tax general obligation refunding bonds (payable from sewer revenues) of the county to expand the definition of refunding candidates, to clarify that the county may provide credit enhancement or a liquidity facility, to amend definitions relating to balloon maturity bonds on a springing basis, and to clarify cash refunding plans; amending certain definitions in Ordinance 18898, Section 1; and amending Ordinance 18898, Section 1, Ordinance 18898, Section 15, and Ordinance 18898, Section 17.
Body
PREAMBLE:
The county owns and operates facilities for the conveyance and treatment of sewage and the control of combined sewer overflows that include 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 and equipment (collectively "the System"), all in accordance with a comprehensive plan for metropolitan water pollution abatement under the authority of chapters 36.56 and 35.58 of the Revised Code of Washington ("RCW").
Long-term service agreements with participating municipalities and other entities ("the Participants") obligate the county to treat and dispose of sewage collected by the Participants. The Participants must pay the costs of these services, including debt service on bonds payable from sewer revenues, including the bonds authorized by this ordinance, and other indebtedness payable from and secured by sewer revenues. Comparable rates and charges have been established for customers who deliver sewage to the System but are not subject to a contract with the county for this service.
In accordance with RCW 35.58.200(3), the county has declared that the he...

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