SEATTLE CITY COUNCIL - Record No: CB 119947

• 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, 4. Affidavit of Publication

Date	Ver.	Action By	Action	Result
12/1/2020	1	City Clerk	attested by City Clerk
12/1/2020	1	Mayor	returned
12/1/2020	1	Mayor	Signed
11/24/2020	1	City Clerk	submitted for Mayor's signature
11/23/2020	1	City Council	passed	Pass
11/18/2020	1	Select Budget Committee	pass	Pass
11/9/2020	1	City Council	referred
11/6/2020	1	Council President's Office	sent for review
11/5/2020	1	City Clerk	sent for review

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...