SEATTLE CITY COUNCIL - Record No: CB 119132

• Record No: CB 119132
• Version: 2
• Council Bill No: CB 119132
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/20/2017
• Ordinance No: Ord 125463
• Title: AN ORDINANCE relating to the financing of certain general government programs; authorizing an interfund loan from the Housing Incentive Subfund of the Office of Housing Fund to the General Subfund Fund.
• Sponsors: Lisa Herbold
• Supporting documents: 1. Summary and Fiscal Note v2, 2. Summary and Fiscal Note v1, 3. Signed Ord_12546, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
11/28/2017	2	City Clerk	attested by City Clerk
11/28/2017	2	Mayor	returned
11/22/2017	2	Mayor	Signed
11/22/2017	2	City Clerk	submitted for Mayor's signature
11/20/2017	1	City Council	passed	Pass
11/15/2017	1	Select Budget Committee	pass as amended	Pass
11/6/2017	1	City Council	referred
11/3/2017	1	Council President's Office	sent for review
10/31/2017	1	City Clerk	sent for review

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of certain general government programs; authorizing an interfund loan from the Housing Incentive Subfund of the Office of Housing Fund to the General Subfund Fund.
body

WHEREAS, there is an exigent need for general government programs to be implemented prior to Employee Hours Tax revenue collection; and
WHEREAS, the City Council has determined that this interfund loan is consistent with the Debt Management Policies adopted by Resolution 31553; and
WHEREAS, regarding use of the proceeds of this interfund loan for necessary general government programs, the City Council has determined that there is no viable alternative available for advancing a core City objective; and
WHEREAS, there is sufficient cash in the Housing Incentive Subfund Fund to support a loan of up to $4,300,000 through the end of 2020;
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. The City Council finds that there is no viable alternative to meet a core City objective and the Debt Management Policy Advisory Committee is not required to review this loan, and therefore the Director of Finance is authorized to make a loan of not more than $4,300,000 of principal and interest outstanding at any one time from the Housing Incentive Subfund Fund (16430) to the General Subfund Fund (00100) from which funds may be drawn to pay for general government purposes. This loan is to be repaid no later than December 31, 2020, with interest on the loan at the rate of return of the City's Consolidated (Residual) Cash Pool.
Section 2. The entire principal and interest amount of the loan authorized in Section 1 of this ordinance, and owed by the General Subfund Fund to the Housing Incentive Subfund Fund, is intended to be repaid from the no later than December 31, 2020 from the proceeds for the sale of City-owned property on Mercer anticipated in 2019.
...