HomeMy WebLinkAbout14-054 Allocation of Source Revenue for Mountain View Debt Resolution 14-054
RESOLUTION NO. 14-054
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PORT TOWNSEND,
WASHINGTON, EXPRESSING THE CITY COUNCIL'S INTENTIONS REGARDING
ALLOCATION OF SOURCE OF REVENUE FOR REPAYING DEBT RELATED TO
MOUNTAIN VIEW COMMONS REPAIRS
WHEREAS,the City Council is considering sending a ballot measure to the voters for a
bond to be used to fund necessary repairs to the Mountain View Commons campus; and,
WHEREAS, in preliminary studies and reports to the Council, the City Administration
has based its estimate for repaying the bond on a property tax rate not to exceed 13 cents per
$1,000 of assessed value; and,
WHEREAS, Council acknowledges and understands that the proposed bond measure
will be backed by the City's full taxing authority. However, Council wishes to express its intent
as to how it plans to allocate City revenues to repay the bond debt;
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Port
Townsend as follows:
Section 1. Council recognizes that, to the extent other funds are not available,
the City will levy the full excess property tax approved by the voters.
Section 2. It is Council's intent that, if the Mountain View bond measure is
approved by the voters and the bond issued, that no more than 50% of the debt service for
those bonds be paid for out of property taxes.
Section 3. The City Manager is requested and directed to propose a debt
service repayment plan that would provide that no more than 50% of the debt service be
paid from property taxes, with the remaining debt service payments coming from other
sources, including but not limited to the Public Safety Sales Tax, savings realized from
the Mountain View Commons projects, and other allowable sources.
ADOPTED by the City Council of the City of Port Townsend at a regular meeting
thereof, held this 6th day of October 2014.
90�-r I A
David King
Mayor
Attest. Approved as to form:
Joanna Sanders, CMC Steven L. Gross
City Clerk City Attorney