“Refinancing these bonds will save ratepayers millions over the remaining life of the bonds,” said Councilmember Larry Phillips. “We will realize these savings because of our strong fiscal stewardship of taxpayer dollars. This has resulted in King County receiving some of the highest bond ratings in the nation by Standard and Poor’s, Moody’s and other bond rating agencies. This keeps our interest rates low, and our services high.”

The legislation approved by the Council authorizes the refinancing at lower interest rates of up to $440 million in sewer revenue bonds, which support the construction and maintenance of the County’s wastewater system, and replaces similar bonds issued between 1998 and 2002. If county financial goals are met, the refinancing would save ratepayers up to $40 million.

“We’re reducing interest costs even as we rebuild the county’s wastewater infrastructure,” said Phillips. “Taking advantage of favorable interest rates in order to save ratepayers money is a strong example of the Council’s continuing focus on fiscal integrity and accountability in the use of county funds.”