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Record No: CB 119678    Version: 1 Council Bill No: CB 119678
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/25/2019
Ordinance No: Ord 125991
Title: AN ORDINANCE relating to the financing of the Central Waterfront Improvement Program; authorizing the loan of funds in the amount of $19,000,000 from the REET I Capital Project Fund to the Local Improvement District (LID) No. 6751 Fund ("Waterfront LID Fund") to pay the costs of LID Improvements in anticipation of the issuance of LID Bonds.
Sponsors: Sally Bagshaw
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125991
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of the Central Waterfront Improvement Program; authorizing the loan of funds in the amount of $19,000,000 from the REET I Capital Project Fund to the Local Improvement District (LID) No. 6751 Fund ("Waterfront LID Fund") to pay the costs of LID Improvements in anticipation of the issuance of LID Bonds.
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WHEREAS, in 2010, the Seattle Department of Transportation conducted a preliminary feasibility analysis of special benefits for various program elements of the Alaskan Way Viaduct and Seawall Replacement Program, which supports a potential range of special benefits for a future Local Improvement District (LID); and
WHEREAS, in January 2019, Ordinance 125760, the City Council ("Council") of The City of Seattle ("City") established Local Improvement District No. 6751 of the City (interchangeably, "LID 6751" or the "Waterfront LID"), created the Local Improvement District No. 6751 Fund ("Waterfront LID Fund") and authorized Interim Financing (including interfund loans) to pay for the costs of the LID Improvements in the anticipation of the issuance of LID Bonds; and
WHEREAS, funds loaned to the Central Waterfront Improvement Fund were previously used for costs eligible to be repaid with future LID Bond proceeds ("LID-eligible costs") and for costs which are ineligible to be repaid with future LID Bond proceeds (all other costs); and
WHEREAS, pending approval, funds loaned to the Central Waterfront Improvement Fund will no longer be used for LID-eligible costs; 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 interfu...

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