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Record No: CB 119947    Version: 1 Council Bill No: CB 119947
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/23/2020
Ordinance No: Ord 126227
Title: AN ORDINANCE relating to the financing of the Seattle Department of Transportation; authorizing the loan of funds in the amount of $25,000,000 from the Information Technology Fund to the Transportation Fund to support essential transportation programs.
Sponsors: Teresa Mosqueda
Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att A - Interfund Loan Request, 3. Signed Ordinance 126227
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of the Seattle Department of Transportation; authorizing the loan of funds in the amount of $25,000,000 from the Information Technology Fund to the Transportation Fund to support essential transportation programs.
body
WHEREAS, the COVID-19 pandemic and associated decline in revenues has resulted in the
need for significant cuts to programs across the Seattle Department of Transportation budgets; and
WHEREAS, the Seattle Department of Transportation is expected to continue to provide
essential services and programs while taking significant reductions in 2021; and
WHEREAS, Seattle Municipal Code subsection 5.06.030.C requires City Council approval by ordinance of any interfund loan for a duration of 90 days or more; 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 primary interfund loan of up to $25 million through December 31, 2024 and still meet regular budgeted operating needs; and
WHEREAS, funds loaned by the Information Technology Fund to the Transportation Fund are to be repaid from future fund balances in the Transportation Fund beginning in 2022; 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 objective, and therefore the Director of Finance is authorized to make a revolving loan of up to $25,000,000 principal and interest outstanding from the Information Technology Fund to the Transportation Fund, to provide financing for expenditures related to essential transportati...

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