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WHEREAS, In 1997, the City issued General Obligation bonds in the amount of $3.8 <br /> million to finance a portion of the costs associated with the solid waste corrective actions which <br /> will be paid in full in 2017. The remaining mitigation costs were financed, in part through an <br /> interfund loan, as authorized by Resolution 2925 in accordance with RCW 43.09.210. The City <br /> Treasurer has established and maintains an amortization schedule that will fully defease the loan <br /> by the year 2012. The lending fund will receive variable rate interest payments on the <br /> outstanding balance equal to the average monthly portfolio yield; and <br /> WHEREAS, the City is ready to proceed with the final phase of landfill remediation <br /> which includes site grading, fill and surcharging of the site and methane and leachate collection. <br /> These improvements will need to be financed by the issuance of debt, and <br /> WHEREAS, the City will experience costs for maintaining and operating existing and <br /> future environmental controls at the landfill, which include the leachate collection system and the <br /> related surface water control, landfill cover, gas migration control and environmental monitoring <br /> requirements. <br /> NOW, THEREFORE, THE CITY OF EVERETT DOES ORDAIN: <br /> Section 1: The City of Everett Solid Waste Management Utility, shall continue and is <br /> authorized to undertake all activities authorized by law for the construction of the Landfill and <br /> Tire Fire Site improvement projects, and for garbage and solid waste handling including <br /> recycling operations and specifically including mitigation of the old landfill property on 36th <br /> Street east of the I-5 freeway; provided that said utility is not authorized to engage directly in <br /> garbage and solid waste collection, except for hard-to-manage waste and/or City-wide clean-up <br /> projects and programs as the Mayor deems necessary to promote and facilitate waste reduction, <br /> recycling and disposal. <br /> Section 2: The Solid Waste Management Utility shall be under the direct <br /> management of the Mayor using such staff and consultant services as the Mayor deems <br /> appropriate. The Mayor is authorized to contract, as necessary, pursuant to State law, for solid <br /> C.\Documents and Settings\pcornish\Local Settings\Temporary Internet Files\OLKSA\20070405-SOLID WASTE RATE ORDIANCE FINAL doc <br />