CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE amending Ordinance 124927, which adopted the 2016 Budget; creating new appropriations; changing appropriations to various departments and budget control levels, and from various funds in the Budget; making cash transfers between various City funds; and ratifying and confirming certain prior acts; all by a 3/4 vote of the City Council.
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WHEREAS, Council Bill 118713, which will be presented to the City Council for approval on or about the date of this ordinance, authorizes the sale of the Pacific Place Garage ("the Garage") to the identified purchaser; and
WHEREAS, the City financed the purchase of the Garage with tax exempt bonds and the City previously covenanted not to take any action that would affect the tax exempt status of those bonds; and
WHEREAS, in order to preserve the tax exempt status of such tax exempt bonds, as required by the applicable provisions of the Internal Revenue Code, a new Garage Disposition Proceeds Fund (37000) is created under Council Bill 118717, which will be presented to the City Council for approval on or about the date of this ordinance, for the sole purpose of tracking the expenditure of the remaining Disposition Proceeds after carrying out the bond defeasance; and
WHEREAS, disposition proceeds are only eligible for qualified capital expenditures; and
WHEREAS, part of the net sale proceeds is intended to be used for qualified vehicle purchases; and
WHEREAS, Ordinance 125003, which authorized a $10,000,000 interfund loan to the Parking Garage Operations Fund (46010), expiring December 31, 2016, states that repayment of the interfund loan is to be made from disposition proceeds; and
WHEREAS, repayment of the aforementioned interfund loan represents an operating expenditure and is therefore not eligible for disposition proceeds directly; and
WHEREAS, the City will use other General Fund resources to repay the interfund loan and both ...
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