SEATTLE CITY COUNCIL - Record No: CB 118346

• Record No: CB 118346
• Version: 1
• Council Bill No: CB 118346
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 3/30/2015
• Ordinance No: Ord 124745
• Title: AN ORDINANCE relating to contracting indebtedness; amending Ordinance 124125 to increase the authorized amount of interfund loans for the Alaskan Way Seawall Replacement Project; and ratifying and confirming certain prior acts.
• Sponsors: Nick Licata
• Supporting documents: 1. Fiscal Note, 2. Central Staff Memo, 3. Signed Ord 124745

Date	Ver.	Action By	Action	Result
4/6/2015	1	City Clerk	attested by City Clerk
4/6/2015	1	Mayor	returned
4/6/2015	1	Mayor	Signed
4/1/2015	1	City Clerk	submitted for Mayor's signature
3/30/2015	1	City Council	passed	Pass
3/25/2015	1	Finance and Culture Committee	pass	Pass
3/16/2015	1	City Council	referred
2/25/2015	1	Council President's Office	sent for review
2/24/2015	1	City Clerk	sent for review
2/24/2015	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to contracting indebtedness; amending Ordinance 124125 to increase the authorized amount of interfund loans for the Alaskan Way Seawall Replacement Project; and ratifying and confirming certain prior acts.

body
WHEREAS, by Ordinance 124125, the City provided for the issuance and sale of unlimited tax general obligation bonds to pay all or part of the cost of the Alaskan Way Seawall Replacement Project, including authorizing loans of up to $29,000,000 total principal outstanding at any one time from a City fund specified by the Director of Finance to the Project Fund; and
WHEREAS, the City wishes to increase the loan authorization amount by amending Ordinance 124125; NOW, THEREFORE,

BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Amendment to Section 4 of Ordinance 124125. Section 4 of Ordinance 124125 is amended as follows:
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Section 4. Authorization of Interfund Loans . A loan or loans of up to (($29,000,000)) $85,000,000 total principal outstanding at any one time is authorized to be made from a City fund specified by the Director of Finance to the Project Fund. Any such loan shall expire no later than December 31, 2018, with interest on the loan or loans at the rate of return on the City's Consolidated (Residual) Cash Pool.
The entire principal and interest amount of the loan authorized by this section owed by Project Fund to the City's Consolidated (Residual) Cash Pool, or its participating funds, shall be repaid.
The Director of Finance may effectuate the loan or loans authorized by this section by transferring cash from one or more of the funds participating in the City's Consolidated (Residual) Cash Pool to the Project Fund, or by carrying the Project Fund in a negative cash position in an amount not to exceed (($29,000,000)) $85,000,000 (reduced by the aggregate principal amount of Bond Ant...