AN ORDINANCE related to charging a debt management fee for expenses related to the Debt Management Policy Advisory Committee, repealing Section 3.76.030 of the Seattle Municipal Code.

WHEREAS, in December 1982, the Council passed Ordinance 110908, creating a new section 3.76.030 of the Seattle Municipal Code, authorizing the Debt Management Policy Advisory Committee (DMPAC) to charge a debt management fee for its various services; and

WHEREAS, the Executive and Council now wish to bring the revenue collection for DMPAC expenditures in line with the City's general cost allocation methodology for the City's central services; and

WHEREAS, the companion Resolution to this Ordinance adopts a new policy for funding DMPAC expenditures consistent with the City's general cost allocation methodology; NOW, THEREFORE,

BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:

Section 1. Effective January 1, 2003, Section 3.76.030 of the Seattle Municipal Code is hereby repealed.

Section 2. This ordinance shall take effect and be in force thirty (30) days from and after its approval by the Mayor, but if not approved and returned by the Mayor within ten (10) days after presentation, it shall take effect as provided by Municipal Code Section 1.04.020.

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

Approved by me this ____ day of _________, 2002.

_________________________________ Gregory J. Nickels, Mayor

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

August 19, 2002 version 1