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File #: 2021-0333    Version: 1
Type: Motion Status: In Committee
File created: 9/7/2021 In control: Budget and Fiscal Management Committee
On agenda: Final action:
Enactment date: Enactment #:
Title: A MOTION adopting an updated Debt Management Policy for King County; and rescinding Motion 12660.
Sponsors: Jeanne Kohl-Welles
Indexes: King County
Attachments: 1. A. King County Debt Management Policy As approved by Executive Finance Committee July 2, 2021, 2. 2021-0333 transmittal letter, 3. 2021-0333 Legislative Review Form
Related files: 2007-0582, 2021-0334
Drafter
Clerk 08/31/2021
title
A MOTION adopting an updated Debt Management Policy for King County; and rescinding Motion 12660.
body
WHEREAS, King County is one of the largest issuers of municipal bonds in the nation and has a long history of achieving exemplary credit ratings, in part because of sound financial management and debt issuance practices, and
WHEREAS, RCW 36.48.070 requires the adoption of a debt policy by counties within the state of Washington, and
WHEREAS, the credit rating agencies have identified that having an adopted debt policy is a positive factor in their rating of the county, and
WHEREAS, the county recognizes the need to have a formal adopted debt management policy to provide guidance on best issuance and post-issuance practices, and
WHEREAS, Motion 12660 adopted the current King County Debt Management Policy in 2007, and
WHEREAS, Motion 12660 calls for periodic updates of the King County Debt Management Policy, and
WHEREAS, since 2007, there have been many significant developments in the municipal finance market that are not adequately addressed, if addressed at all, in Motion 12660, and
WHEREAS, finance division staff has accordingly consulted with the County's financial advisor to draft an updated Debt Management Policy that incorporates appropriate discussion of such subsequent developments, and
WHEREAS, the proposed changes are considered to represent "substantive changes" from the current adopted Debt Management Policy, and
WHEREAS, pursuant to the direction in the adopted Debt Management Policy, the executive finance committee has reviewed and approved the substantive changes in the updated Debt Management Policy, and
WHEREAS, the executive finance committee has recommended the updated Debt Management Policy be forwarded to the Metropolitan King County council for adoption;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. The updated King County Debt Management Policy, Attachment A to this
motion, is...

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