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Record No: CB 119680    Version: 1 Council Bill No: CB 119680
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/25/2019
Ordinance No: Ord 125993
Title: AN ORDINANCE relating to the financing of the Seattle Streetcar operations; amending Ordinance 125716 to extend an interfund loan from the Move Seattle Levy Fund to the Seattle Streetcar Operations Fund.
Sponsors: Sally Bagshaw
Supporting documents: 1. Summary and Fiscal Note
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of the Seattle Streetcar operations; amending Ordinance 125716 to extend an interfund loan from the Move Seattle Levy Fund to the Seattle Streetcar Operations Fund.
body
WHEREAS, Ordinance 121951 authorized the construction of a streetcar line serving downtown Seattle, the Denny Triangle, and South Lake Union (SLU); and
WHEREAS, Ordinance 121850 requires that funding by The City of Seattle ("City") for operation and maintenance of the SLU streetcar be provided exclusively from the sale of City surplus property in SLU and from revenues derived from new revenue sources specifically devised to pay for SLU streetcar operations and maintenance costs; and
WHEREAS, Ordinance 122424 authorized an agreement with King County for operation and maintenance of the Seattle Streetcar and an interfund loan of up to $2.2 million to the Seattle Streetcar Operations Fund, to be repaid no later than December 31, 2018; and
WHEREAS, Ordinance 123102 authorized an increase in the interfund loan amount from $2.2 million to $3.65 million; 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, 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 City's Move Seattle Levy Fund to support a loan of up to $3.65 million and still meet regular budget...

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