SEATTLE CITY COUNCIL - Record No: CB 119379

• Record No: CB 119379
• Version: 1
• Council Bill No: CB 119379
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 11/19/2018
• Ordinance No: Ord 125717
• Title: AN ORDINANCE relating to the financing of Seattle Center's operations; authorizing the loan of funds in the amount of $5,000,000 from the Unrestricted Cumulative Reserve Fund to the Seattle Center Fund to support the operations of Seattle Center during the temporary closure of KeyArena; and providing for the repayment thereof.
• Sponsors: Sally Bagshaw
• Supporting documents: 1. Summary and Fiscal Note, 2. Sum Att A - Interfund Loan Calculations, 3. Signed Ordinance 125717, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
11/26/2018	1	City Clerk	attested by City Clerk
11/26/2018	1	Mayor	returned
11/26/2018	1	Mayor	Signed
11/21/2018	1	City Clerk	submitted for Mayor's signature
11/19/2018	1	City Council	passed	Pass
11/14/2018	1	Select Budget Committee	pass	Pass
10/29/2018	1	City Council	referred
10/24/2018	1	Council President's Office	sent for review
10/22/2018	1	City Clerk	sent for review
9/24/2018	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of Seattle Center's operations; authorizing the loan of funds in the amount of $5,000,000 from the Unrestricted Cumulative Reserve Fund to the Seattle Center Fund to support the operations of Seattle Center during the temporary closure of KeyArena; and providing for the repayment thereof.
body
WHEREAS, Seattle Municipal Code subsection 5.06.030.C requires City Council approval by ordinance of any interfund loan for a duration of more than 90 days; and
WHEREAS, in the normal course of business The City of Seattle ("City") may temporarily lend cash between funds to maintain required balances; and
WHEREAS, regarding use of the proceeds of this interfund loan for operating costs, the Finance and Budget Directors have determined that there is no viable alternative available for advancing a core City objective; and
WHEREAS, the Director of Finance and the City Budget Director have determined that this interfund loan request is consistent with the Debt Management Policies adopted by Resolution 31553; and
WHEREAS, there is sufficient cash in the Unrestricted Cumulative Reserve Fund to support an interfund loan of up to $5,000,000 through December 31, 2026, and still meet regular budgeted operating needs; and
WHEREAS, funds loaned by the Unrestricted Cumulative Reserve Fund to the Seattle Center Fund to support Seattle Center operations are anticipated to be repaid from revenues associated with the new Seattle Center arena upon its completion and opening; 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 therefore the Director of Finance is authorized to make a revolving loan of up to $5,000,000 principal and interest outstanding from the Unrestricted Cumulative Reserve Fund to the Seattle Center Fund to support Seattle ...