PORT OF SEATTLE 
MEMORANDUM 

COMMISSION AGENDA  STAFF BRIEFING    Item No.      7a 
Date of Meeting    October 5, 2010 

DATE:    September 23, 2010 
TO:      Tay Yoshitani, Chief Executive Officer 
FROM:    Elizabeth Morrison, Sr. Manager, Corporate Finance 
SUBJECT:  Briefing on the extension of the letter of credit provided by Bank of America in
support of $100,000,000 of the Port's commercial paper program. 

SUMMARY:
In 1997 the Port initiated a commercial paper (CP) program to provide interim funding for
capital projects. CP is typically backed by the letter of credit (LOC) from a bank and the Port
entered into an agreement with Bank of America. This agreement is scheduled to expire on
November 11, 2010. Per Resolution No. 3456, the authority to negotiate and execute the
extension is delegated to the Port's Chief Financial Officer and the Port has negotiated an
extension of the letter for an additional five years. Due to the many changes in letter of credit
provisions since 1997, the Port and Bank of America will amend and restate the agreement as
part of the extension. Staff would like to brief the Commission on these changes. 
ATTACHMENTS: 
LOC Powerpoint presentation