LEVY RESOLUTION

RESOLUTION NO. 3632

A RESOLUTION of the Port Commission of the Port of Seattle

authorizing an increase in limit factor for maximum

levy capacity pursuant to RCW 84.55.0101.

WHEREAS, increases in regular property taxes imposed by the Port are limited by

Chapter 84.55 RCW; and

WHEREAS, pursuant to RCW 84.55.005, the limit factor based on inflation for 2010 is

equal to 0.9915 (“Inflationary Limit Factor”); and

WHEREAS, the Port has outstanding general obligation bonds and a capital budget and

future anticipated funding needs, which demonstrate the need for substantial expenditures by the

Port in future years that cannot be met solely from operating revenues; and

WHEREAS, a public hearing on the revenue sources for the Port’s 2010 current expense

budget has been held by this Commission; and

WHEREAS, the highest regular property tax which could have been lawfully levied by

the Port occurs in the year 2009 and is equal to $85,363,322 (“Highest Levy Available”); and

WHEREAS, the preliminary calculation of the Highest Levy Available multiplied by the

Inflationary Limit Factor is equal to $84,379,523 (“Initial Maximum Levy”); and

WHEREAS, the Initial Maximum Levy may be increased by the 2010 permitted dollar

increases in new construction and improvements, increases in state assessed property and

reclassified reforestation, annexations and refunds multiplied by the 2009’s levy rate.

NOW THEREFORE, BE IT RESOLVED by the Port Commission of the Port of

Seattle as follows:

1. Pursuant to RCW 84.55.0101, the Port Commission hereby finds that there is a

substantial need to protect the Port’s future levy capacity to meet substantial

future needs in accordance with the Port’s budget and forecasts. Accordingly, this

Port Commission hereby establishes a limit factor of 101% for purposes of

establishing the maximum levy permitted to the Port pursuant to RCW 84.55.092.

ADOPTED by the Port Commission of the Port of Seattle at a regular meeting held this

____ day of ________________________, 2009, and duly authenticated in open session by the

signatures of the Commissioners voting in favor thereof and the seal of the Commission.

Port Commission