CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE amending Ordinance 127156, which adopted the 2025 Budget, including the 2025-2030 Capital Improvement Program (CIP); changing appropriations to various departments and budget control levels, and from various funds in the Budget; and ratifying and confirming certain prior acts; all by a 3/4 vote of the City Council.
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BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. In order to pay for the redemption prior to maturity of certain currently outstanding limited tax general obligation bonds of the City, appropriations for the following items in the 2025 Budget are increased from the funds shown, as follows:
|
Item |
Department |
Fund |
Budget Summary Level/ BCL Code |
Amount |
|
3.1 |
Finance General |
2017 LTGO Taxable Bond Fund (36410) |
Appropriation to Special Funds (36410-BO-FG-2QA00) |
$472,000 |
|
|
|
2018 LTGO Taxable Bond Fund (36510) |
Appropriation to Special Funds (36510-BO-FG-2QA00) |
$547,000 |
|
|
|
2019 LTGO Taxable Bond Fund (36610) |
Appropriation to Special Funds (36610-BO-FG-2QA00) |
$314,000 |
|
|
|
2021 LTGO Taxable Bond Fund (36820) |
Appropriation to Special Funds (36820-BO-FG-2QA00) |
$537,000 |
|
|
|
Unrestricted Cumulative Reserve Fund (00164) |
Appropriation to Special Funds (00164-BO-FG-2QA00) |
$1,345,000 |
|
|
|
REET I Capital Fund (30010) |
Appropriation to Special Funds (30010-BO-FG-2QA00) |
$285,000 |
|
Total |
$3,500,000 |
The funds appropriated in this section are to be applied to the call, payment, and redemption prior to maturity of the City’s remaining outstanding Limited Tax General Obligation Bonds, 2014, originally issued pursuant to Ordinance 124341, and to the payment of the costs of carrying out the foregoing plan of redemption, in order to permit a change in the use of certain bond financed property in accordance with federal tax law. The Director of Finance is authorized and directed to take all actions as the Director may deem necessary or convenient to carry out the foregoing plan of redemption, including without limitation, giving appropriate notices to bondholders and establishing a defeasance escrow, if necessary.
Section 2. Any act consistent with the authority of this ordinance taken after its passage and prior to its effective date is ratified and confirmed.
Section 3. This ordinance shall take effect as provided by Seattle Municipal Code Sections 1.04.020 and 1.04.070.
Passed by a 3/4 vote of all the members of the City Council the ________ day of _________________________, 2025, and signed by me in open session in authentication of its passage this ________ day of _________________________, 2025.
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President ____________ of the City Council
Approved / returned unsigned / vetoed this ____day of _______________, 2025.
____________________________________
Bruce A. Harrell, Mayor
Filed by me this ________ day of _________________________, 2025.
____________________________________
Scheereen Dedman, City Clerk
(Seal)