Speaker 1: Report of the Transportation and Utilities Committee Agenda Item five Council Bill 120100 An ordinance relating to Seattle Public Utilities authorizing the general manager CEO of Seattle Public Utilities to enter into a water quality combined financial assistance agreement between the State of Washington, Department of Ecology and the City of Seattle Public Utilities Department to partially finance costs related to the construction of the ship Canal Water Quality Project through a clean water state revolving fund loan. The committee recommends the bill pass.
Speaker 0: Thank you, Madam Clerk. Councilmember Peterson, you are chair of this committee, and I'm going to hand it over to you to provide the committee report.
Speaker 4: Thank you. Council president, colleagues, as I mentioned in council briefing this morning. This is Council 120 100. It authorizes Seattle Public Utilities to accept a low interest loan provided through the State Department of Ecology to finance 66 million of the $570 million ship canal water quality project. As you may know, or as you may recall, that ship canal water quality projects, major megaproject planned over many years due to the state and federal governments requiring the city and county governments to prevent harmful storm water and wastewater from polluting our local waterways. This Environmental Protection Project includes a new tunnel boring machine, creating a 2.7 mile stormwater storage tunnel from Wallingford to Ballard. This particular financing program through the State Government enables a below market interest rate of approximately 1%. Whereas if we went out to the conventional bond market, we would need to pay a higher rate of around 3%. Using the state program will save ratepayers approximately $12 million from this particular loan. This council bill was recommended unanimously by our committee. Thank you.
Speaker 0: Thank you so much, Councilmember Peterson, for those comments. Are there any additional comments? Hearing no additional comments. Will the clerk please call the roll on the passage of the bill?
Speaker 1: What else? Yes. Must gather. I Pietersen. I so want. Yes. Strauss.
Speaker 3: Yes.
Speaker 1: Purple. Yes. Flores. Yes. Lewis. Yes. And Council President Gonzalez. High nine in favor and unopposed.
Speaker 0: The bill passes and the chair will sign it. Will the clerk please affix my signature to the legislation on my behalf? Will the clerk please read items six through eight into the record?
Speaker 1: Agenda item six through eight. Appointments 1947 through 1949, the appointments of Eric Fitzpatrick, Penguin and Greyson Simon as members Seattle Pedestrian Advisory Board for terms to March 31st, 2023. The committee recommends the appointments be confirmed.
AN ORDINANCE relating to Seattle Public Utilities; authorizing the General Manager/CEO of Seattle Public Utilities to enter into a Water Quality Combined Financial Assistance Agreement between the State of Washington Department of Ecology and The City of Seattle, Public Utilities Department, to partially finance costs related to the construction of the Ship Canal Water Quality Project through a Clean Water State Revolving Fund Loan.