ITEM NO:       6d_Reso
DATE OF MEETING: November 10, 2015 

RESOLUTION NO. 3713 

A RESOLUTION  of the Port Commission of the Port of Seattle adopting the
final budget of the Port of Seattle for the year 2016; 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
2016. 

WHEREAS, the Port of Seattle Commission, on the 22nd day of October, 2015, prepared the
preliminary budget of the Port of Seattle for the year 2016 and provided for the publication of Notice of
Budget Hearing on the adoption of said budget, to be heard on the 10th day of November, 2015, 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 10th of November 2015, at 2 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 27th day of October, 2015 that the regular levy assessed value of the property lying within the
boundaries of said district for the year 2015 is $422,523,805,266 (after omitted assessments); and 

WHEREAS, the King County Assessor has notified the Commissioners of the Port of Seattle on
the 27th day of October, 2015 that the maximum allowable levy is $96,394,850 including $176,522 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 2016, as presented at the aforementioned
hearing, is hereby adopted as the final budget of the Port of Seattle for the Year 2016; and

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 $73,000,000;
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 $73,000,000 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, 2016 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 2016 and they are within the maximums established by law. 

ADOPTED by the Port Commission of the Port of Seattle at a regular meeting held this 24th day
of November, 2015, and duly authenticated in open session by the signatures of the Commissioners
voting in favor thereof and the seal of the Commission. 

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Port Commission