Bond rating boost, refinancing saves $41.2 million for King County sewer utility ratepayers
Strong credit ratings and favorable conditions in the financial market continue to benefit ratepayers served by King County’s Wastewater Treatment Division.
On Monday, King County’s Wastewater Treatment Division refinanced $175.6 million in Limited Term General Obligation (LTGO) Refunding Bonds. The refinancing will save ratepayers $41.2 million over the next 17 years.
King County’s wastewater utility partially funds its capital improvement program by selling sewer revenue and LTGO bonds. Solid credit ratings help the County secure a lower interest rate on the bonds it sells to fund its major capital improvement program. The money borrowed is paid back through current and future monthly sewer rates and charges.