6a 2018 budget first reading resolution
ITEM NO: 6a__Attach_1____ DATE OF MEETING: Nov 14, 2017 RESOLUTION NO. 3738 A RESOLUTION of the Port Commission of the Port of Seattle adopting the final budget of the Port of Seattle for the year 2018; making, determining, and deciding the amount of taxes to be levied upon the current assessment roll; providing payment of bond redemptions and interest, cost of future capital improvements and acquisitions, and for such general purposes allowed by law which the Port deems necessary; and directing the King County Council as to the specific sums to be levied on all of the assessed property of the Port of Seattle District in the Year 2018. WHEREAS, the Port of Seattle Commission, on the 26th day of October, 2017, prepared the preliminary budget of the Port of Seattle for the year 2018 and provided for the publication of Notice of Budget Hearing on the adoption of said budget, to be heard on the 14th day of November, 2017, when taxpayers might appear and present objections to said preliminary budget; and WHEREAS, a public hearing on said preliminary budget was held in the office of the Port Commission, pursuant to notice duly given, in the City of Seattle, County of King, State of Washington, on the 14th of November 2017, at 1 p.m.; and WHEREAS, all parties present were afforded a full opportunity to present objections to the preliminary budget, and the Port Commission being duly advised in the premises; and WHEREAS, the King County Assessor has notified the Commissioners of the Port of Seattle on the 13th day of October, 2017, that the regular levy assessed value of the property lying within the boundaries of said district for the year 2017 is $530,058,322,979 (after omitted assessments); and WHEREAS, the King County Assessor has notified the Commissioners of the Port of Seattle on the 13th day of October, 2017, that the maximum allowable levy is $101,550,330 including $189,856 levy for prior year refunds and the Port intends to retain this levy capacity. NOW, THEREFORE, BE IT RESOLVED, by the Port Commission of the Port of Seattle that the preliminary budget of the Port of Seattle for the year 2018, as presented at the aforementioned hearing, is hereby adopted as the final budget of the Port of Seattle for the Year 2018; and ITEM NO: 6a__Attach_1____ DATE OF MEETING: Nov 14, 2017 BE IT FURTHER RESOLVED, that the amount of taxes to be levied by the Port of Seattle on the current assessment rolls to provide for payment of bond redemption and interest on the Port of Seattle General Obligation Bonds, for future expenditures for acquisitions and capital improvements and for such general purposes allowed by law which the Port deems necessary be set and deposited is $72,000,000; and BE IT FURTHER RESOLVED, that the King County Council, State of Washington, be notified that the specific sum herein mentioned being a total of $72,000,000 is necessary to be raised by taxation to meet the payment of bond redemption and interest on Port of Seattle General Obligation Bonds, of future expenditures for acquisitions and capital improvements, and of costs for such general purposes allowed by law which the Port deems necessary, as set forth for the period January 1, 2018 and thereafter; that said King County Council be respectfully requested to make a levy in said amount for the aforesaid purposes; and BE IT FURTHER RESOLVED, that the above is a true and complete listing of levies for said District for collection in the year 2018 and they are within the maximums established by law. ADOPTED by the Port Commission of the Port of Seattle at a duly noticed meeting held this 28th day of November, 2017, and duly authenticated in open session by the signatures of the Commissioners voting in favor thereof and the seal of the Commission. ___________________________________ ________________________________ ________________________________ ________________________________ ________________________________ Port Commission
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