As of the present time, the five-member Port of Seattle Com- mission is authorized by law to levy taxes on the assessed valuation of the taxable property within the Port district (King County) as follows-- 1. Not to exceed .045 mill for general Port purposes. 2. An additional millage as. required to service in- terest and principal payments on general obliga- tion bonds. The issuance of general obligation (GO) bonds by the Port is governed by certain legal limitations. They include-- ~. 1,3 1. Without the approval of Port district voters, GO bonds may be issued in an amount not to exceed (together with an existing indebtedness of the Port district not authorized by the voters) 3/4 of 1% of the actual value of taxable property in the dis- trict as determined by the King County Assessor. 2. With the assent of 60% of Port district voters, GO bonds may be issued in an amount not to exceed (together with an existing indebtedness of the Port district not authorized by the voters) 3/4 of 1% of the actual value of the taxable property in the Port district as determined by the County Assessor. In addition, the Port of Seattle is authorized under the Washington Aircraft Noise Impact Abatement Act of 1974 to fund noise remedy programs through a single general obliga- tion bond issue of not more than 1/8 of 1% of the value of taxable property within the Port district. The provisions of this Act permit the Port to…Open full document
Notes
This chapter could have been called “how do we pay for it?” Describes all the ways both the Port, the FAA and the County could finance the various aspects.