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Attachment B <br />DRAFT <br />A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF <br />TUKWILA, WASHINGTON, ADOPTING A DEBT POLICY; <br />AND REPEALING RESOLUTION NO. 1840 <br />WHEREAS, on September 2, 2014, the City Council adopted Resolution No. 1840 <br />adopting a debt policy; and <br />WHEREAS, a debt policy and appropriate management of debt issued by the City is <br />an important factor in measuring the City's financial performance and condition; and <br />WHEREAS, the proper management of borrowing can yield significant advantages; <br />and <br />WHEREAS, debt issuance planning with the City's Capital Improvement Program <br />(CIP), will ensure alignment between financing strategies and long-term capital priorities; <br />and <br />WHEREAS, the use of long-term debt for operating or maintenance costs, except in <br />declared emergencies authorized by the City Council, promotes fiscal discipline and <br />responsible debt management; and <br />WHEREAS, clear delineation of the roles and responsibilities of the City Council and <br />Finance Director, including authority over interfund loans, delegation of bond issuance <br />approvals, and oversight of post -issuance compliance activities, will ensure appropriate <br />checks and balances; and <br />WHEREAS, expanding the range of eligible financing tools and debt instruments, <br />including interfund loans, state and federal loan programs, and other legal financing <br />contracts, provides the City with greater flexibility and cost-effective funding options; and <br />WHEREAS, enhancing compliance with federal and state laws by establishing <br />comprehensive procedures for continuing disclosure, arbitrage rebate monitoring, and <br />Legislation: Debt Policy <br />Version: 6/16/2025 <br />Staff: T. Cullerton <br />Page 1 of 2 <br />23 <br />