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Bond sale brings $2.7 million in savings to sewer utility ratepayers

Summary

Infrastructure that protects the environment and supports economic growth will come with additional cost savings for King County sewer utility ratepayers.

Story

Infrastructure that protects the environment and supports economic growth will come with additional cost savings for King County sewer utility ratepayers.  

On Monday, King County’s Wastewater Treatment Division (WTD) issued $75 million in bonds that were sold in two components:  $50 million in 30-year sewer revenue bonds at a rate of 4.35 percent; and $25 million in sewer revenue bonds at a rate of 2.6 percent that will refinance outstanding debt and save the utility $2.7 million over the next 14 years.

The Metropolitan King County Council voted unanimously to authorize the sale.

The savings are a result of WTD’s strong credit ratings. Earlier in the month, Moody’s and Standard & Poor’s affirmed their respective ratings of WTD’s sewer revenue bonds at Aa2 and AA+, citing the utility’s strong financial monitoring, budgeting practices, consistent financial performance and solid cash reserves.

In 2013, King County’s budgeted $195.7 million in capital improvement projects to expand the wastewater system, modernize existing facilities, and ensure continued compliance with environmental laws.

Additional information about the utility, its service mission and its finances is available on the Web at http://www.kingcounty.gov/ratepayerreport.