Washington County to Sell $267.5M of Sewer Revenue, Refunding Bonds

Dow Jones

Oct 30

By Josh Beckerman

Washington's King County plans to sell $267.5 million of sewer revenue and refunding bonds in a competitive sale.

Bids will be received at 10:45 a.m. ET on Nov. 6, according to a sale notice posted Tuesday on MuniOS. Delivery of the Series A bonds is expected on or about Nov. 25.

Maturities will range from 2026 through 2056. Bonds maturing on after Jan. 1, 2036 are subject to redemption prior on or after July 1, 2035.

Bond counsel expects interest won't be an item of preference for the alternative minimum tax for individuals.

Proceeds will be used for sewer system improvements and, depending on market conditions, to refund certain outstanding bonds, according to a preliminary official statement posted on MuniOS.

The sewer system collected and treated an average of 178 million gallons of sewage per day from about 2 million residents in 2024. The county provides services to 34 municipalities including Seattle and Bellevue, and three non-municipal participants. Operating revenue in 2024 was $639.7 million.

In July, S&P Global Ratings said King County's wastewater treatment division had a strong liquidity position and that its outlook on the credit reflected, "our assessment of the county's historical and ongoing willingness to adjust rates to meet rising debt service requirements."

S&P rated the bonds AA+, while Moody's assigned them a rating of Aa1.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

October 30, 2025 09:40 ET (13:40 GMT)

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Bonds maturing on after Jan. 1, 2036 are subject to redemption prior on or after July 1, 2035. \n\n\n  Bond counsel expects interest won't be an item of preference for the alternative minimum tax for individuals. \n\n\n  Proceeds will be used for sewer system improvements and, depending on market conditions, to refund certain outstanding bonds, according to a preliminary official statement posted on MuniOS. \n\n\n  The sewer system collected and treated an average of 178 million gallons of sewage per day from about 2 million residents in 2024. The county provides services to 34 municipalities including Seattle and Bellevue, and three non-municipal participants. 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