RESOLUTION NO. 3654

A RESOLUTION of the Port Commission of the Port of Seattle adopting

the final budget of the Port of Seattle for the year

2012; making, determining, and deciding the amount

of taxes to be levied upon the current assessment roll;

providing payment of bond redemptions and interest,

cost of future capital improvements and acquisitions,

and for such general purposes allowed by law which

the Port deems necessary; and directing the King

County Council as to the specific sums to be levied on

all of the assessed property of the Port of Seattle

District in the Year 2012.

WHEREAS, the Port of Seattle Commission, on the 8

day of November, 2011,

prepared the preliminary budget of the Port of Seattle for the year 2012 and provided for the

publication of Notice of Final Budget Hearing on the adoption of said budget, to be heard on the

day of November, 2011, when taxpayers might appear and present objections to said

preliminary budget; and

WHEREAS, a public hearing on said preliminary budget was held in the office of the

Port Commission, pursuant to notice duly given, in the City of Seattle, County of King, State of

Washington, on the 8

of November 2011, at 1 p.m. and 22

day of November 2011, at 1:00

p.m.; and

WHEREAS, all parties present were afforded a full opportunity to present objections to

the preliminary budget, and the Port Commission being duly advised in the premises; and

WHEREAS, the King County Assessor has notified the Commissioners of the Port of

Seattle that the final assessed valuation of the property lying within the boundaries of said district

for the year 2011 is $315,588,352,233 (after omitted assessments).

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

Seattle that the preliminary budget of the Port of Seattle for the year 2012, as presented at the

aforementioned hearing, is hereby adopted as the final budget of the Port of Seattle for the Year

2012; and

BE IT FURTHER RESOLVED, that the amount of taxes to be levied by the Port of

Seattle on the current assessment rolls to provide for payment of bond redemption and interest on

the Port of Seattle General Obligation Bonds, for future expenditures for acquisitions and capital

improvements and for such general purposes allowed by law which the Port deems necessary be

set and deposited is $73,500,000; and

BE IT FURTHER RESOLVED, that the King County Council, State of Washington, be

notified that the specific sum herein mentioned being a total of $73,500,000 is necessary to be

raised by taxation to meet the payment of bond redemption and interest on Port of Seattle General

Obligation Bonds, of future expenditures for acquisitions and capital improvements, and of costs

for such general purposes allowed by law which the Port deems necessary, as set forth for the

period January 1, 2012 and thereafter; that said King County Council be respectfully requested to

make a levy in said amount for the aforesaid purposes; and

BE IT FURTHER RESOLVED, that the above is a true and complete listing of levies

for said District for collection in the year 2012 and they are within the maximums established by

law.

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

____ day of ________________________, 2011, and duly authenticated in open session by the

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

Port Commission