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Record No: CB 119690    Version: 1 Council Bill No: CB 119690
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/25/2019
Ordinance No: Ord 125999
Title: AN ORDINANCE relating to interfund loans; retiring obsolete interfund loan authorizations; and repealing Ordinances 121179, 124652, and 125202.
Sponsors: Sally Bagshaw
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125999, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to interfund loans; retiring obsolete interfund loan authorizations; and repealing Ordinances 121179, 124652, and 125202.
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WHEREAS, in 2003, through Ordinance 121179, an interfund loan was authorized for the Unrestricted Cumulative Reserve Fund to finance $10,480,000 of the property acquisition costs for the Joint Training Facility on Myers Way S; and
WHEREAS, the term of the interfund loan authorized by Ordinance 121179 was subsequently extended through Ordinances 121363, 121980, 122289, 122558, 122854, 123481, 124038, and 124638; and
WHEREAS, effective December 31, 2015, Ordinance 124926 authorized another extension to the interfund loan, and recognized that the Unrestricted Cumulative Reserve Fund had accumulated sufficient cash reserves to repay $9,647,094 of principal and interest as of December 31, 2015, reducing the outstanding interfund loan balance to $4,000,000; and
WHEREAS, in the 2016 Budget, Council authorized $2,700,000 of General Fund resources to further pay down the outstanding interfund loan balance to $1,300,000; and
WHEREAS, the City Budget Office determined that the Unrestricted Cumulative Reserve Fund has accumulated sufficient cash reserves to repay the full outstanding balance of the interfund loan established by Ordinance 121179 as amended, which as of April 1, 2019, was $1,382,560 including accrued interest; and
WHEREAS, effective January 1, 2015, Ordinance 124652 authorized a non-revolving interfund loan from the Park and Recreation Fund and Parks Capital Fund to the Seattle Park District Fund to finance operating and capital costs incurred by the Seattle Park District prior to its capacity to collect property tax revenue, with the requirement to repay the loan in full by no later than December 31, 2023; and
WHEREAS, on December 1, 2018, the Seattle Park District repaid the outstanding balance of the interfund loan in full, as...

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