CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of the Central Waterfront Improvement Program; amending Ordinance 124345 to extend the duration of the interfund loan to be used for this capital program and establishing the Transportation Master Fund as the lending fund.
body
WHEREAS, in 2010, the Seattle Department of Transportation conducted a preliminary feasibility analysis of special benefits for various program elements of the Alaskan Way Viaduct and Seawall Replacement Program, which supports a potential range of special benefits for a future Local Improvement District; and
WHEREAS, a loan of up to $2.4 million was authorized in 2011 by Ordinance 123761 and the authorization was increased to $13.7 million in 2012 by Ordinance 124033, and the Mayor and Council anticipated revising the legislation to increase the amount of that loan to accommodate future years' spending; and
WHEREAS, Ordinance 124345 increased the interfund loan authorization from $13.7 million to $31.225 million; and
WHEREAS, the loan of up to $31.225 million of principal and interest expires December 31, 2016, with interest on the loan at the rate of return of the City's Consolidated (Residual) Cash Pool; and
WHEREAS, the Finance and Budget Directors have determined that this request is consistent with the Debt Management Policies adopted by Resolution 31553; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Section 5 of Ordinance 123761, last amended by Ordinance 124345, is amended as follows:
Section 5. A loan of up to $31,225,000 of principal and interest outstanding at any one time is authorized to be made from the City's ((Consolidated (Residual) Cash Pool, or its participating funds)) Transportation Master Fund to the Central Waterfront Improvement Fund. The loan expires ((December 31, 2016)) December 31, 2019, with interest on the loan at the rate of return of the City's C...
Click here for full text