FIN 2017-04-04 Item 2A - Ordinance - Public Safety Bond Financial Oversight Committee: Membership Structure

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