Drafter
Clerk 10/12/2016
Title
A RESOLUTION relating to the finances of the King County Flood Control Zone District, and making a declaration of substantial need for the purpose of setting the limit factor for the District's 2017 tax levy.
Body
WHEREAS, RCW 84.55.010 provides that a taxing jurisdiction may levy taxes in an amount no more than the limit factor multiplied by the highest levy of the most recent three years, plus additional amounts resulting from new construction and improvements to property, newly constructed wind turbine, solar, biomass and geothermal facilities, and any increase in the value of state-assessed property; and
WHEREAS, under RCW 84.55.005(2)(c), the limit factor for a taxing district with a population of 10,000 or more shall be the lesser of 101 percent or 100 percent plus inflation; and
WHEREAS, RCW 84.55.005(1) defines "inflation" as the percentage change in the implicit price deflator for personal consumption expenditures for the United States as published for the most recent twelve-month period by the Bureau of Economic Analysis of the federal Department of Commerce by September 25 of the year before the taxes are payable; and
WHEREAS, inflation for September, 2016 is 0.251 percent and the limit factor is 0.251percent, which means that the King County Flood Control Zone District's ("District") 2016 tax levy will decrease, except for the amounts resulting from new construction and improvements to property, newly constructed wind turbine, solar, biomass and geothermal facilities, and any increase in the value of state-assessed property; and
WHEREAS, RCW 84.55.0101 provides for use of a limit factor of 101 percent or less upon a finding of substantial need made by a majority plus one of the legislative authority of the taxing district; and
WHEREAS, every year, King County faces threats from flooding, the impacts of which are far-reaching and pose significant threats to public health and safety and economic activities throug...

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