CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the financing of affordable housing; authorizing the loan of funds in the amount of $29,000,000 from the Low-Income Housing Fund to the 2018 Multipurpose LTGO Bond Fund for bridge financing of affordable housing.
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WHEREAS, through Ordinance 125197, adopted November 21, 2017, the Council authorized $29,000,000 of limited tax general obligation (LTGO) bond financing for eligible affordable housing projects; and
WHEREAS, Council provided $29,000,000 of appropriation authority in the 2017 Adopted Budget for the Low-Income Housing Fund for affordable housing projects financed by the authorized LTGO bond proceeds; and
WHEREAS, Ordinance 125197 authorized the Executive to issue bonds for the stated purposes anytime within a three-year window; and
WHEREAS, the Office of Housing might require bridge financing to fund approved affordable housing projects or programs in advance of the LTGO bond issuance in 2018; and
WHEREAS, Seattle Municipal Code subsection 5.06.030.C requires City Council approval by ordinance of any interfund loan for a duration of more than 90 days; 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 Low-Income Housing Fund to support an interfund loan of up to $29,000,000 through the end of 2018 and still meet regular budgeted operating needs; and
WHEREAS, funds loaned by the Low-Income Housing Fund to the 2018 Multipurpose LTGO Bond Fund for the purpose of bridge financing of affordable housing project(s) are anticipated to be repaid from the proceeds of the sale of LTGO bonds in 2018; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SE...
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