Drafter
Clerk 11/01/2012
Title
A MOTION adopting water quality fund financial policies regarding reserves and debt.
Body
WHEREAS, the metropolitan King County council, in assuming the legislative powers of the municipality of metropolitan Seattle, readopted the Comprehensive Water Pollution Abatement Plan by Ordinance 12074 on December 6, 1995, and
WHEREAS, the Regional Wastewater Services Plan ("RWSP") was adopted by the King County council in November 1999 by Ordinance 13680 and codified in K.C.C. chapter 28.86, and
WHEREAS, the RWSP is a supplement to the King County Comprehensive Water Pollution Abatement Plan. The RWSP identifies projects and programs needed to provide wastewater capacity for homes and businesses in the wastewater service area through 2030. The RWSP also provides policy direction for the operation and continued development of the wastewater system and its capital improvement program, including financial policies to guide financial forecasting and budgeting, debt financing and borrowing and collection of revenue to support the implementation of the RWSP, and
WHEREAS, in 2001 and 2006, the council amended policies in the RWSP, including amending and adding financial policies, as recommended by the regional water quality committee, and
WHEREAS, beginning in 2009, the regional water quality committee's work plan included a task to review financial policies of the RWSP and in September 2009, the regional water quality committee chartered a financial policies work group ("FPWG") comprised of staff representing the metropolitan water pollution abatement advisory committee, sewer districts, the cities of Seattle and Bellevue, the executive and the council, and
WHEREAS, FPWG was directed to review a limited set of policies and make recommendations back to the committee, and
WHEREAS, in October 2010, FPWG presented its first recommendations regarding amendments to financial policies regarding reserves and short-term, variable rate debt, ...

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