Drafter
Clerk 08/30/2006
Title
AN ORDINANCE authorizing the King County executive to enter into an agreement with the Washington state Department of Ecology for loan financing for the final design costs of the Carnation wastewater treatment facility.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Findings:
A. The Washington state Department of Ecology has awarded the King County department of natural resources and parks a $1,200,000 state revolving fund loan in its FY 2007 cycle.
B. This low interest loan will save King County $760,715 in interest payments over thirty years, which is a $263,882 net present value, as compared to conventional bond financing.
C. This state revolving fund loan will help finance final design costs of the Carnation wastewater treatment facility that is part of King County's wastewater capital improvement program.
SECTION 2. A. The King County executive or the executive's designee is hereby authorized to enter into an agreement with the Washington state Department of Ecology for loan financing of capital costs associated with the final design of the Carnation wastewater treatment facility.
B. The maximum loan amount shall be $1,200,000.
C. The loan agreement shall incorporate an annual interest rate of 2.6 percent and
a loan term of twenty years and be substantially in the form of Attachment A to this ordinance, which is a sample agreement.