Drafter
Clerk 5/14/2007
Title
AN ORDINANCE determining the monetary requirements for the disposal of sewage for the fiscal year beginning January 1, 2008, and ending December 31, 2008, setting the sewer rate for the fiscal year beginning January 1, 2008, and ending December 31, 2008, and approving the amount of the sewage treatment capacity charge for 2008, in accordance with RCW 35.58.570; and amending Ordinance 12353, Section 2, as amended, and K.C.C. 4.90.010, and Ordinance 11398, Section 1, as amended, and K.C.C. 28.84.055.
Body
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 12353, Section 2, as amended, and K.C.C. 4.90.010 are each hereby amended to read as follows:
A. Having determined the monetary requirements for the disposal of sewage, the council hereby adopts a ((2007)) 2008 sewer rate of twenty-seven dollars and ninety-five cents per residential customer equivalent per month. Once a sewer rate ordinance becomes effective, the clerk of the council is directed to deliver a copy of that ordinance to each agency having an agreement for sewage disposal with King County.
B. The King County council approves the application of Statement of Financial Accounting Standards No. 71 (FAS 71) to treat pollution remediation obligations as regulatory assets and establish a rate stabilization reserve for the purpose of leveling rates between years.
C. As required for FAS 71 application amounts are to be placed in the rate stabilization reserve from 2007 operating revenues and removed from the calculation of debt service coverage for 2007. The reserve balance shall be an amount at least sufficient to maintain a level sewer rate between 2007 and 2008, and shall be used solely for the purposes of: maintaining the level sewer rate in 2008; and if additional reserve balance is available, moderating future rate increases beyond the 2007-2008 periods. If the estimated amount of the reserve, as shown in the financial forecast, Attach...
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