CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the financing of tax administration system improvements in the City Finance Division in the Department of Finance and Administrative Services; authorizing an interfund loan in the amount of $1,500,000 from the Seattle Information Technology Operating Fund to the General Subfund Fund.
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WHEREAS, the City Council adopted an Ordinance, introduced as Council Bill 119130, authorizing an Employee Hours Tax to be implemented and administered by the Department of Finance and Administrative Services effective January 1, 2019 with the first tax payments from taxpayers due on January 31, 2020; and
WHEREAS, certain improvements to current tax administration systems are necessary to implement and administer the Employee Hours Tax prior to 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 one-time operating costs, 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 Seattle Information Technology Operating Fund to support a loan of up to $1,500,000 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 therefore the Director of Finance is authorized to make a loan of not more than $1,500,000 of principal and interest outstanding at any one time from the Seattle Information Technology Operating Fund (50410) to the General Subfund Fund (00100) from which funds may be drawn to pay for tax administration system improvements. This loan is to be repaid no later than December 31, 2020, with interest on the loan at the rate of return of...
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