2003/07/02 Council Agenda Packet

How Sound Transit's Lawful Use of Debt to Finance Phase I Devolved into Illegality Joint Regional Policy Committee Plan(May, 1993) Debt usage was left largely inchoate $4.9 Billion "Study Option" (September, 1994) Zero debt ("pay as you go" funding) $4.9 Billion "Study Option" formally endorsed by "Pay as you go" funding encouraged Eastside Transportation Partnership (October, 1994) by local governments (through ETP) Higher "RTA Phase I System Proposal" by County Debt use was to be hoisted from zero Executives Gary Locke, Doug Sutherland and Bob (qua "pay as you go")to $1.3 billion, Drewel for "extended light rail" (October 7, 1994) $1.5 billion or $1.7 billion (in bonds) King County Council Chairman Kent Pullen resists Long-term debt limit at $800 million, Executives' 11`h-hour efforts to hike debt from zero or less, negotiated and agreed for all to $1.3-to-$1.7 billion (mid-to-late October, 1994) Phase I plans submitted to taxpayers "Master Plan" and first Phase I plan thereunder are Limits on long-term debt set at $800 adopted for submission at polls (October 29, 1994) million or 16 percent of capital costs Each county council legislatively authorizes Phase Long-term-debt limit becomes a term I ballots, with limits on local-option taxes and debt, of Sound Transit's separate statutory as statutory conditions precedent (December, 1994) contract with each of three counties Debt level is formally found "reasonable" by state- Long-term-debt limit integrated into appointed Expert Review Panel (February, 1995) ERP's statutorily-required approvals Limits on local-option taxes and on debt formally Long-term-debt limit, "legislatively reaffirmed for second Phase I plan (April 18, 1995) authorized"by counties, reaffirmed Revised Phase I Draft Plan (approved March, 1996) $993 million (long-and-short term) Revised Phase I Plan(adopted May 31, 1996) $1.052 billion (long-and-short term) Final EIS for Revised Phase I (November, 1999) $1.1 billion (as adjusted for inflation) Bob White's Desperation Proposal (January, 2001) $1.904 billion(long-and-short term) Central Link Board Workbook(May/June, 2001) Higher debt implicated but not stated Brian McCartan's Fiscal Briefing (February, 2003) $1.5+billion (long-and-short term) Joni Earl's Presentation to ETP (March, 2003) $1.8+billion (long-and-short term) James Mac Isaac's Analysis of Truncated Phase I $2.5+billion (long-and-short term) Will Knedlik's Debt Calculation for Entire Phase I $4.4+billion (long-and-short term)