Drafter
Clerk 12/03/2009
Title
AN ORDINANCE establishing the credit protection fund, including renaming the rainy day reserve fund as such; making technical corrections; and amending Ordinance 15961, Section 1, and K.C.C. 4.08.056 and Ordinance 12076, Section 9, as amended, and K.C.C. 4.08.015.
Body
PREAMBLE:
The metropolitan King County council has a long history of responsible stewardship of the public's money.
The council passed Motion 5888 in December 1983, which created a number of financial policies including requirement for maintenance of minimum levels of fund balance in the county's current expense fund.
The council passed Motion 7020 in November 1987, which dedicated a portion of additional sales tax revenues to the creation of a sales tax reserve fund to be used for financial emergencies.
The council passed Motion 8352 in July 1991, which reaffirmed the council's intent that the sales tax reserve fund be used for financial emergencies.
In response, the council passed Motion 8446 in October 1991, once again affirming its intent that the sales tax reserves only be used in financial emergencies.
With adoption of the 2007 Budget Ordinance, Ordinance 15652, the council created the financial policies advisory task force to examine county financial policies.
The financial policies advisory task force recommended the creation of a rainy day reserve fund.
These sound financial policies have led the major credit rating agencies to award the county's limited tax general obligation debt with the highest ratings.
The county council intends that maintenance of an exceptional credit rating is of the utmost importance during these difficult economic times,
BE IT ORDAINED BY THE COUNCIL OF KING COUNTY:
SECTION 1. Ordinance 15961, Section 1, and K.C.C. 4.08.056 are each hereby amended to read as follows:
A. There is hereby created the ((rainy day reserve)) credit protection fund for the purpose of accumulating reserves necessary to protect the county's long-ter...
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