File #: 2007-0582    Version:
Type: Motion Status: Passed
File created: 11/5/2007 In control: Operating Budget, Fiscal Management and Mental Health Committee
On agenda: Final action: 12/17/2007
Enactment date: Enactment #: 12660
Title: A MOTION adopting a Debt Management Policy for King County.
Sponsors: Bob Ferguson
Indexes: Budget, Finance
Attachments: 1. 12660.pdf, 2. A. King County Management Policy dated 12-12-07, 3. 2007-0582 REVISED Staff Report from 12-12-07 OBFMMHC.doc, 4. 2007-0582 Staff Report for 12-12-07 OBFMMHC.doc, 5. 2007-0582 Transmittal Letter.doc, 6. A. King County Debt Management Policy
Related files: 2021-0333
Clerk 12/12/2007
A MOTION adopting a Debt Management Policy for King County.
      WHEREAS, King County is one of the largest municipal issuers of debt in the nation and has a long history of achieving exemplary bond ratings because of sound and prudent financial management and debt issuance practices, and
      WHEREAS, the county recognizes the need to have a formal adopted debt management policy that primarily adopts past decisions and practices while also providing new opportunities to lower the cost of borrowing and reduce exposure to changes in interest rates, and
      WHEREAS, RCW 36.48.070 requires the adoption of a debt policy by counties within the state of Washington, and
      WHEREAS, at least one of the credit rating agencies has identified that an adopted debt policy would be an additional positive factor in its credit rating of the county, and
      WHEREAS, the Debt Management Policy has been  reviewed and endorsed by the members of the King County financial policies advisory task force, which was created by Motion 12394 and charged with the duties of reviewing the county's financial and debt policies, examining best practices and making recommendations to the council;
      NOW THEREFORE, BE IT MOVED by the Council of King County:
      A.  The King County Debt Management Policy, Attachment A to this motion, is hereby adopted.
      B.  The executive finance committee will be responsible for periodically considering amendments to the Debt Management Policy and for submitting changes to the executive and council for approval.