CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the Smith Cove project and the Capital Fund in the Department of Parks and Recreation; amending Ordinance 124909 to extend the duration of loan, increasing the loan amount to $4 million and establishing the City's 2008 Parks and Green Spaces Levy as the lending fund for the Smith Cove interfund loan; and authorizing the loan of funds from the City's 2008 Parks and Green Spaces Levy fund, or its participating funds, in the amount of $4,000,000 to the Parks Capital Fund for bridge financing of other Seattle Parks District approved capital projects.
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WHEREAS, in accordance with RCW 35.61.040, formation of the Seattle Park District became effective and its boundaries established as of August 19, 2014, upon certification of results of the August 5, 2014 election; and
WHEREAS, The City of Seattle entered into an interlocal agreement with the Seattle Park District through Ordinance 124468 which included Initiative 4.6 Develop Smith Cove Park financed by debt service payments starting in 2017 and ending in 2026; and
WHEREAS, in the normal course of business the City may temporarily lend cash between funds to maintain required balances; and
WHEREAS, the City established the Park Capital Fund in 2015 to account for capital expenses associated with completing Park District funded capital projects; and
WHEREAS, the Park Capital Fund expenses are reimbursed by the Park District Fund based on three annual invoices; and
WHEREAS, the timing of payment on the reimbursement invoices regularly puts the Parks Capital Fund in a negative cash balance position due to the need to provide funds for capital projects; and
WHEREAS, the City wishes to leverage internal resources and not issue debt prematurely through the prudent use of interfund loans; and
WHEREAS, Seattle Municipal Code subsection 5.06.030.C requires City Council approval by ordinance of any interfund loan for...
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