Drafter
Clerk 05/06/2011
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A MOTION adopting a revised general fund debt management policy as required by proviso in the 2011 Budget Ordinance 16984, Section 18, Proviso P4; and rescinding Motion 11196.
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WHEREAS, the 2011 Budget Ordinance, Ordinance 16984, Section 18, Proviso P4, required that $100,000 of the appropriation for the office of performance, strategy and budget not be encumbered or expended until the executive transmits legislation revising the county's general fund debt management policies and the council adopts legislation that references the proviso's ordinance, section and number and states that the executive has responded to the proviso, and
WHEREAS, the executive has responded to the proviso by submitting the motion herein, and
WHEREAS, the following policies are enacted to maintain standard and rational practices for the issuance and management of general fund debt by King County, and
WHEREAS, these policies are designed to provide guidance in selecting projects for debt financing, maintaining the county's credit rating, reducing issuance costs, identifying how much of general fund resources should go to projects that require debt financing, and to provide complete financial disclosure and reporting, and
WHEREAS, the county's general fund debt policy is that the level of pay as you go versus debt to finance the county's capital improvement program should be based on asset type, intergenerational equity, policy priorities and market conditions, and
WHEREAS, Motion 11196 established basic general fund debt policies including defining general fund debt obligations, the purposes and uses of debt, rating goals and debt capacity, debt structure and debt administration and established an advisory panel;
NOW, THEREFORE, BE IT MOVED by the Council of King County:
A. Motion 11196 is hereby rescinded.
B. The following general fund debt management policies are adopted
1. Definition. For the purposes of this motion "general fund ...
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