Drafter
Clerk 09/12/2011
title
AN ORDINANCE authorizing the issuance and sale of junior lien variable rate demand sewer revenue bonds in the principal amount of $100,000,000 to finance capital improvements to the county's sewer system; authorizing the form, terms, maturity, and interest rate modes for the bonds; authorizing the covenants and conditions under which the bonds will be issued; and approving an agreement to sell the bonds to U.S. Bank National Association.
Body
PREAMBLE:
The county owns and operates facilities for conveying and treating sewage and controlling combined sewer overflows, including but not limited to 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 (collectively the "Sewer System" or 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 such services including debt service on bonds payable from sewer revenues, including the bonds authorized herein, 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 such service.
In accordance with RCW 35.58.200(3), the county has declared that the health, safety and welfare of people within the metropolitan area require that certain Participants discharge sewage collected by those Participants into facilities of the System.
The county has issued the following series of sewer ...
Click here for full text