Resolution _________________

A RESOLUTION amending Resolution 30695; updating the debt service coverage financial policy for the Solid Waste System.

WHEREAS, the City Council in 2004 approved Resolution 30695 adopting financial policies for the Solid Waste System; and

WHEREAS, the Mayor and City Council desire to update Policy 5 of Resolution 30695 to revise debt service coverage targets; NOW, THEREFORE,

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

Section 1. Policy 5 of Resolution 30695 is amended to read as follows:

Policy 5. Debt Service Coverage Ratios : The City should maintain two debt service coverage ratio s: (( (the ratio of revenues available for debt service to the annual debt service requirement) should be maintained at a minimum of ))

A. Adjusted Net Revenue equal to at least 1.7 times (( the annual debt service coverage )) Adjusted Annual Debt Service, as these terms are defined in the most recent solid waste revenue bond ordinance (currently ordinance 124046).

B. Adjusted Net Revenue (further adjusted by deducting from Adjusted Net Revenue the following: City taxes and capital and operating fees, contributions, grants and transfers) equal to at least 1.5 times Adjusted Annual Debt Service, as these terms are defined in the most recent solid waste revenue bond ordinance (currently ordinance 124046).

Adopted by the City Council the ____ day of ____________________, 2014, and signed by me in open session in authentication of its adoption this________ day

of ______________________, 2014.

_________________________________

President ___________of the City Council

THE MAYOR CONCURRING:

_________________________________

Edward B. Murray, Mayor

Filed by me this ____ day of ________________________, 2014.

____________________________________

Monica Martinez Simmons, City Clerk

(Seal)

Paul Hanna SPU Solid Waste Bonds RES March 7, 2014 Version 1