WHEREAS, on August 6, 2001, the Council adopted Resolution 30345, updating Debt Management Policies for the City of Seattle; and

WHEREAS, Policy 22 in Exhibit A of Resolution 30345 states that expenditures of the Debt Management Policy Advisory Committee (DMPAC) shall by funded via a fee assessed on all revenue and general obligation debt issued by the City or guaranteed by the City; and

WHEREAS, the Executive and Council wish to more closely tie DMPAC revenues collected with DMPAC expenditure needs, and to bring this fee collection in line with the City's general cost allocation methodology for its various central services; and

WHEREAS, the Executive and Council wish to revise the City's Debt Management Policies to be consistent with this new method of cost recovery for DMPAC expenditures; NOW, THEREFORE,

BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF SEATTLE, THE MAYOR CONCURRING, THAT:

Section 1. The last paragraph of Policy 22 in Exhibit A of Resolution 30345 is hereby superceded, and the following policy is adopted in its place:

The Department of Finance will recover budgeted DMPAC expenditures via the six fund allocation methodology described in Resolution 30384, or the then-most-current successor resolution to Resolution 30384. Any DMPAC expenditures incurred on behalf of an issuing agency outside of the City of Seattle (for example, Public Development Authorities) will be billed directly to the issuing agency, and will not be included in the allocated charges.

Adopted by the City Council the ____ day of _________, 2002, and signed by me in open session in authentication of its adoption this _____ day of __________, 2002. _________________________________ President __________of the City Council

THE MAYOR CONCURRING: _________________________________ Gregory J. Nickels, Mayor

Filed by me this ____ day of _________, 2002. ____________________________________ City Clerk

August 22, 2002 version 7a