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MONDAY, FEBRUARY 2, 2015
Vol. CXXIV, No. 21
OFFICIAL NEWSPAPER OF THE CITY OF TACOMA Devoted to the Courts, Real Estate, Finance, Industrial Activities, and Publication of Legal Notices
Published Published Since Since 1890 1890
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City of Tacoma News Celebrate Tacoma's Historic Character with #IHeartTacoma Spanning the month of February, residents are invited to share their love for Tacoma's unique historic character with the #IHeartTacoma (pictured right) social media photo contest. To participate, print or find your free Tacoma Heart Map and take a picture holding the map in front of your favorite historic building. Post the photo to Instagram, Twitter or Facebook using @Tacoma_Culture, or @tmnrrs with#IHeartTacoma. The contest runs through the month of February and prizes will be awarded to the three most "liked" photos. "Historic preservation is about recognizing what we are and where we come from, and recognizing those unique places that are important to our community," said City of Tacoma Historic Preservation Officer Reuben McKnight. "Preservation is not about the past, it is about retaining Tacoma's identity while investing in its future. This contest is an opportunity for Tacomans to showcase their favorite landmarks." For complete contest rules, a full list of Tacoma historic landmarks and to download your Tacoma Heart Map, visit tmncreative.net/ihearttacoma. To have your photo posted, send it to City of Tacoma Historic Preservation Coordinator Lauren Hoogkamer via e-mail at lhoogkamer@cityoftacoma.org. #IHeartTacoma is presented by the Landmarks Preservation Commission and the City of Tacoma's Historic Preservation Office in partnership with artist Tim Norris of TMN Creative and Spaceworks Tacoma participant Tim + April. City of Tacoma's Solid Waste and Sewer Utilities Receive Solid Bond Ratings The City of Tacoma's Solid Waste and Wastewater and Surface Water Utilities were recently evaluated by all three credit rating agencies, which reaffirmed or upgraded the City's ratings last week in preparation of a planned sale of bonds. "This strong bond rating from all three agencies demonstrates that the city's environmental services utilities are responsibly managed both operationally and financially," said Tacoma Mayor Marilyn Strickland. "It highlights the expertise of our staff that ultimately benefits our customers." Standard and Poor's Rating Service and Fitch Ratings both reaffirmed the City's ratings. The utilities received an AA rating for solid waste and an AA+ rating for wastewater
and surface water from Standard and Poor's; and an AA- and AA+ respectively from Fitch. Moody's announced last week that they upgraded the City's solid waste rating to A1 from A2 and reaffirmed the wastewater and surface water rating of Aa2. The upgraded rating means the City's Environmental Services Department and its customers will save a half a percent on the interest rate for the new bonds, which in current markets would be approximately a $100,000 savings on interest, according to Michael P. Slevin, Environmental Services Director. The credit rating agencies supported the City's ratings based on consistently strong debt service coverage and healthy liquidity; strong economic base with diversity in both the employment and customer bases, and good income levels; and excellent management of the utilities. Other factors such as having addressed all known environmental issues, investments in plant assets, separate storm and wastewater streams, and garbage flow control also supported the strong ratings. The negotiation of the sale of the bonds is expected to be completed in February. Wastewater and surface water bonds will provide $70 million in capital to be used primarily for replacing the City's aging sewer and storm lines. The solid waste "green" bonds will raise $22 million for capital improvements, which include the purchase of new hydraulic hybrid collection trucks. The new collection trucks are estimated to reduce diesel use by 40 per cent per truck. The more fuel efficient trucks will save money and reduce emissions, shrinking the City's carbon footprint and protecting the environment. The City also plans to refinance the 2006 bonds for wastewater and surface water to achieve a savings of approximately $5 million by taking advantage of lower interest rates.
The City may refund a portion of the solid waste 2006 bonds, which funded construction of the Recovery and Transfer Building, using the new A1 rating from Moody's, yet that decision has not yet been made. The bond sale ordinances passed by the City Council on Jan. 13 currently allows refinancing options depending on market conditions. Murray Morgan Bridge Closures in February Rescheduled The City of Tacoma has revised its schedule to close the Murray Morgan Bridge (pictured above right) in downtown Tacoma on four occasions in February to allow for dredging activities on Thea Foss Waterway. These closures are now scheduled to occur between 6 a.m. and 6 p.m. on Weds., Feb. 4; Thurs., Feb. 5; Tues., Feb. 10; and Weds., Feb. 11. During the closures, the lift span of the bridge will be raised to allow marine vessels to pass. However, vessels are urged to use caution while passing due to the presence of barges under the bridge. Also during the closures, there will be limited pedestrian access from 'A' Street to the elevator and stairs only, with all other pedestrian access closed until work is complete. More information about the Murray Morgan Bridge is available online at cityoftacoma.org/ mmb.