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As provided in RCW 36.89.120, whenever a city or town annexes an area, or a city or town incorporates an area, and the county has issued revenue bonds or general obligation bonds to finance storm and surface water management facilities that are payable in whole or in part from rates or charges imposed in the area, the county shall continue imposing all portions of the rates or charges that are allocated to payment of the debt service on bonds in that area after the effective date of the annexation or official date of the incorporation until: (1) The debt is retired; (2) any debt that is issued to refinance the underlying debt is retired; or (3) the city or town reimburses the county an amount that is sufficient to retire that portion of the debt borne by the annexed or incorporated area. The county shall construct all facilities included in the storm and surface water management plan intended to be financed by the proceeds of such bonds. If the county provides storm and surface water management services to the city or town by contract, the contract shall consider the value of payments made by property owners to the county for the payment of debt service. The rates to be charged under this section are provided in SCC 25.20.040. (Added by Amended Ord. 15-069, Nov. 16, 2015, Eff date Jan. 1, 2016; Amended by Amended Ord. 17-020, July 5, 2017, Eff date July 21, 2017).