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Record No: CB 119675    Version: 1 Council Bill No: CB 119675
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/25/2019
Ordinance No: Ord 125988
Title: AN ORDINANCE relating to the financing of Cable Television Franchise Fund programs; authorizing the loan of funds in the amount of $2,000,000 from the Information Technology Fund to the Cable Television Franchise Fund to support Seattle Information Technology programs; and providing for the repayment thereof.
Sponsors: Sally Bagshaw
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125988, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of Cable Television Franchise Fund programs; authorizing the loan of funds in the amount of $2,000,000 from the Information Technology Fund to the Cable Television Franchise Fund to support Seattle Information Technology programs; 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 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 Information Technology Fund to support an interfund loan of up to $2,000,000 through December 31, 2020 and still meet regular budgeted operating needs; and
WHEREAS, funds loaned by the Information Technology Fund to the Cable Television Franchise Fund to support the operations of Cable funded Seattle Information Technology programs are anticipated to be repaid from the Cable Television Franchise fee revenues; and
WHEREAS, regarding repaying the loan supporting operations with a declining revenue source, Seattle Information Technology will work with the City Budget Office to identify reductions of Seattle Information Technology programs to repay the interfund loan over the loan term; 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 ...

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