This document, Part 7 (Implementation), Chapter 7.1, covers common problems and opportunities related to airport development, with a focus on the financial framework governing the Port of Seattle. It explains that the five-member Port of Seattle Commission is legally authorized to levy taxes on property within King County and to issue general obligation bonds, subject to strict limits—bonds cannot exceed 3/4 of 1% of the actual taxable property value in the district. Voter approval by 60% is required for bond issuances that go beyond the non-voter-authorized debt ceiling.Open full document
Notes
Part 7 (Implementation) of the Sea-Tac Communities Plan (STCP), Chapter 7.1: Common Problems and Opportunities. Includes financial considerations for the Port Of Seattle Commission, covering tax levy authority (.045 mill for general Port purposes), general obligation (GO) bond issuance limits under King County assessed valuation rules (3/4 of 1% of actual taxable property value), voter approval thresholds (60% of Port district voters), and legal limitations on Port indebtedness as determined by the King County Assessor.