Share to Facebook Share to Twitter Bookmark and Share
Record No: CB 119602    Version: 1 Council Bill No: CB 119602
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 8/12/2019
Ordinance No: Ord 125889
Title: AN ORDINANCE relating to the financing of the Center City Streetcar Connector project; authorizing the loan of funds in the amount of $9,000,000 for design of the streetcar; amending Ordinance 125724, which adopted the 2019 Budget, including the 2019-2024 Capital Improvement Program (CIP); changing appropriations to the Seattle Department of Transportation; and revising project allocations and spending plans for certain projects in the 2019-2024 CIP.
Sponsors: Mike O'Brien
Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att 1 – Revised Center City Streetcar CIP Page, 3. Central Staff Memo
Related files: Inf 1476
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of the Center City Streetcar Connector project; authorizing the loan of funds in the amount of $9,000,000 for design of the streetcar; amending Ordinance 125724, which adopted the 2019 Budget, including the 2019-2024 Capital Improvement Program (CIP); changing appropriations to the Seattle Department of Transportation; and revising project allocations and spending plans for certain projects in the 2019-2024 CIP.
body
WHEREAS, in 2018, the Center City Streetcar project was put on-hold pending an independent review and engineering analysis; and
WHEREAS, in 2019, the City is planning to proceed with design tasks to fully define the project costs, delivery schedule, and funding approach and requires appropriation authority to move forward; and
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 may temporarily lend cash between funds to maintain required balances; 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 Information Technology Fund to support a loan of up to $9 million and still meet regular budgeted operating needs; and ...

Click here for full text