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City of Tukwila <br />Allan Ekberg, Mayor <br />TO: Finance Committee <br />FROM: Laurel Humphrey, Council Analyst <br />[[: Mayor Ekberg <br />DATE: March 9,2017 (Updated following March 21 Finance Committee meeting) <br />SUBJECT: Ordinance amending Public Safety Bond Financial Oversight Committee <br />ISSUE <br />The proposed ordinance would ensure that membership of the Public Safety Bond Financial Oversight <br />Committee is consistent across all legislative documents. <br />DISCUSSION <br />Ordinance 2509, passed on August 1, 2016, placed the Public Safety Bond Measure on the November <br />2016 ballot and provided for the appointment of a Financial Oversight Committee. The ordinance <br />specified that the Financial Oversight Committee would include five members comprising two <br />residents, two members of the business community, and one member from a nonprofit located in <br />Tukwila. That ordinance also gave Council the authority tu "prescribe by ordinance nrresolution <br />such other rules relating to the appointment process and the operation of the Financial Oversight <br />Committee as shall be necessary oroppropriate." <br />Resolution 1892, passed on October 3 2016, adopted a formal Charter that outlined a framework for <br />the Financial Oversight Committee in greater detail. At that time, the Council decided that the <br />Committee should include five members comprising two residents, two members from the business <br />community, and one "at-large" member who could be from the residential, business, or nonprofit <br />category. <br />The City Attorney recommends amending the original nrdinancetoensunethataUlegislative <br />documents pertaining to the Financial Oversight Committee are consistent. Staff recommends <br />making the language in the ordinance aSgeneral as possible inthe event that future changes are <br />desired byCouncil. If so, the Charter will be amended and the ordinance wit[ not need to be revisited. <br />At its March 21, 2017 meeting, the Finance Committee requested assistance from the City Attorney <br />regarding the definition of "economic life of the Project." The City Attorney suggested replacing the <br />term with a clearer phrase, such as 1) so long as any bonds issued for the Project remain outstanding, <br />2) until all bonds related to the Project are issued, or a hybrid approach, 3) until all bond proceeds fo <br />the Project are expended, unless earlier disbanded by a majority vote of the City Council. <br />RECOMMENDATION <br />Staff recommends that the Finance Committee forward the draft ordinance to the April 17.20173 <br />Regular Consent Agenda with a recommendation to approve. <br />ATTACHMENTS <br />* Draft ordinance <br />