CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to City Finances; creating and changing the names of funds in the City Treasury; amending Ordinance 126161, which authorized an interfund loan; amending Ordinance 126237, which adopted the 2021 Budget, including the 2021-2026 Capital Improvement Program (CIP); changing appropriations to various departments and budget control levels, and from various funds in the Budget; and ratifying and confirming certain prior acts.
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WHEREAS, after regular inspection revealed accelerated and abnormal cracking of the concrete structure of the West Seattle High-Rise Bridge, The City of Seattle ("City") made the decision to close the bridge to all vehicle traffic March 23, 2020; and
WHEREAS, the City Council approved expenditures and bridge financing through authorization of an interfund loan in Ordinance 126161 in anticipation of a 2021 LTGO Taxable bond issuance; and
WHEREAS, Ordinance 126161 also created the 2021 LTGO Taxable Bond Fund (36810) and appropriations for the West Seattle Bridge Immediate Response CIP project authorizing the expenditure of funds out of the 2021 LTGO Taxable Bond Fund; and
WHEREAS, the City, upon advice of the City's bond counsel, wished to preserve the potential to reimburse the expenditures for the West Seattle Bridge Immediate Response project from lower cost tax-exempt bonds and wished to clarify that the name of the fund was not intended to limit the City's ability to take advantage of the lowest cost financing option available; and
WHEREAS, the 2021 Adopted Budget appropriated and 2021-2026 Capital Improvement Program programmed additional funds in the 2021 LTGO Taxable Bond Fund for the Overlook Walk and East West Connections Project (MC-TR-C073) and the Aquarium Expansion (MC-PR-21006) project; and
WHEREAS, to reflect the updated guidance on permissible bond issuance it is necessary to update the Fund name and appropriations for these...
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