Metropolitan King County Council
Meeting Minutes
July 15, 2025
Budget and Fiscal Management
8.
AN ORDINANCE authorizing the issuance and sale of one or more series of junior lien sewer revenue
bonds and multi-modal limited tax general obligation bonds (payable from sewer revenues) of the county
in an aggregate principal amount not to exceed $1,200,000,000 to provide funds for acquiring and
constructing improvements to the sewer system and to pay the costs of issuing such bonds; authorizing
the issuance and sale of one or more series of junior lien sewer revenue refunding bonds and multi-modal
limited tax general obligation refunding bonds (payable from sewer revenues) of the county to refund
outstanding obligations of the county payable from sewer revenues and to pay the costs of issuing such
refunding bonds; reauthorizing the county’s existing commercial paper notes issued for sewer system
purposes, in the aggregate principal amount not to exceed $250,000,000 outstanding at any time;
pledging sewer revenues to pay the principal of and interest on junior lien sewer revenue bonds issued
under this ordinance; pledging the annual levy of taxes and an additional pledge of sewer revenues to pay
the principal of and interest on multi-modal limited tax general obligation bonds (payable from sewer
revenues) issued under this ordinance; delegating authority to the county's Finance Director to approve
the issuance and sale of junior lien sewer revenue bonds and multi-modal limited tax general obligation
bonds (payable from sewer revenues) within specified parameters, to remarket and authorize the
conversion of the interest rate mode of the bonds, to select one or more remarketing agents and/or
commercial paper dealers and enter into, amend, extend or replace mode agreements, dealer
agreements, credit enhancements, liquidity facilities, and related documents, as applicable; providing for
the form, terms and covenants of the bonds issued under this ordinance; and provided for other matters
relating thereto.
Dembowski
Sponsors:
The enacted number is 19955.
Andy Micklow, Council Staff, briefed the Council and answered questions.
Carol Basile, Public Finance Officer, Finance and Business Operations Division, made
remarks.
Rob Shelley, Managing Director, Piper Sandler, briefed the Council and answered
questions.
Stacey Lewis, Bond Counsel, Pacifica, briefed the Council and answered questions.
Courtney Black, Chief Financial Officer, Wastewater Treatment Division, briefed the
Council and answered questions.
Councilmember Balducci requested a one week delay.
Dwight Dively, Director, Office of Performance, Strategy and Budget, briefed the
Council and answered questions.
Councilmember Balducci withdrew the request for a one week delay.
A Public Hearing was held and closed. A motion was made by
Councilmember Dembowski that this Ordinance be Passed. The motion carried
by the following vote:
9 -
Yes:
Balducci, Barón, Dembowski, Dunn, Mosqueda, Perry, Quinn, von
Reichbauer, and Zahilay