| July 25, 2002
News Release The King County Wastewater Treatment Division has been given preliminary approval on $79.5 million in low-interest loans for five construction projects. Once awarded, the loans will save regional ratepayers nearly $100 million in interest to finance major construction projects that will improve protection of public health and water quality. The state Department of Ecology will offer the loans at 1.5 percent interest for 20 years. Borrowing $79.5 million under these terms will save King County and its sewer ratepayers about $86 million in interest costs over 35 years, when compared with conventional bond financing. The largest loan is $57.5 million for the county's Henderson/M.L. King Combined Sewer Overflow Project in Seattle. That project, to begin in early September, will improve water quality in Lake Washington by providing major new protection from combined sewer overflows, or CSOs. A CSO is caused when stormwater and sewage combine during extreme storms and overload the sewer system. King County will receive additional loan funds for these four wastewater projects: Denny Way/Lake Union CSO Project, $12,549,757; Southwest Interceptor Sewer--Kent Section, $4,433,396; Southwest Interceptor Sewer--Auburn Section, $3,495,729; and West Point Treatment Plant Security Improvements, $1,550,000. King County is also scheduled to receive a $7,548,550 grant payment toward its West Point Secondary Treatment Project completed in 1995. The $79.5 million in loans to King County make up about two-thirds of $119.4 million in low-interest loans that Ecology will award statewide. "These loans and grants from Ecology represent a fabulous benefit to regional ratepayers," said Don Theiler, manager of the Wastewater Treatment Division. "They required a lot of effort from the county's grants staff and the project managers for the five projects. The result will be cost-savings and improved wastewater treatment for residents of our service area." The King County Wastewater Treatment Division protects public health and the environment by serving 16 cities, 16 sewer districts and more than 1.4 million residents in King, Snohomish and Pierce counties. Related Information |
|
Links to external sites do not constitute endorsements by King County. |
News Releases