SEATTLE CITY COUNCIL - Record No: CB 118474

• Record No: CB 118474
• Version: 1
• Council Bill No: CB 118474
• Type: Ordinance (Ord)
• Status: Passed
• Current Controlling Legislative Body: City Clerk
• On agenda: 8/17/2015
• Ordinance No: Ord 124842
• Title: AN ORDINANCE relating to the North Precinct project in the Department of Finance and Administrative Services; amending Ordinance 124648, which adopted the 2015 Budget; authorizing the loan of funds from the City's Consolidated (Residual) Cash Pool, or its participating funds, in the amount of $2,750,000, to the 2016 Bond Fund for bridge financing of the North Precinct project; establishing a budget control level in the 2016 Multipurpose LTGO Bond Fund; increasing 2015 appropriations of $1,500,000 in the 2016 Multipurpose LTGO Bond Fund; and ratifying and confirming certain prior acts; all by a 3/4 vote of the City Council.
• Sponsors: Nick Licata
• Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ord 124842

Date	Ver.	Action By	Action	Result
8/21/2015	1	City Clerk	attested by City Clerk
8/21/2015	1	Mayor	Signed
8/21/2015	1	Mayor	returned
8/18/2015	1	City Clerk	submitted for Mayor's signature
8/17/2015	1	City Council	passed	Pass
8/12/2015	1	Finance and Culture Committee	pass	Pass
8/10/2015	1	City Council	referred
7/23/2015	1	Council President's Office	sent for review
7/21/2015	1	City Clerk	sent for review
7/21/2015	1	Mayor	Mayor's leg transmitted to Council

CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the North Precinct project in the Department of Finance and Administrative Services; amending Ordinance 124648, which adopted the 2015 Budget; authorizing the loan of funds from the City's Consolidated (Residual) Cash Pool, or its participating funds, in the amount of $2,750,000, to the 2016 Bond Fund for bridge financing of the North Precinct project; establishing a budget control level in the 2016 Multipurpose LTGO Bond Fund; increasing 2015 appropriations of $1,500,000 in the 2016 Multipurpose LTGO Bond Fund; and ratifying and confirming certain prior acts; all by a 3/4 vote of the City Council.
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WHEREAS, as part of the 2013-2018 Adopted Capital Improvement Program, the Executive proposed and the Council adopted the acquisition of a site and the design and construction of a new North Precinct for the Seattle Police Department at the southeast corner of the intersection between Aurora Ave North and N 130th Street. This multi-year project is estimated to cost $160 million and is funded by proceeds from multiple fund sources through 2019; and
WHEREAS, the Executive has endorsed the project scope to include the purchase of several parcels, tenant relocations, easement acquisition negotiations, and design and construction of a new North Precinct police station for the Seattle Police Department; and
WHEREAS, the Council provided authorization for debt financing through limited tax general obligation (LTGO) bonds in 2013 and 2014 for the North Precinct Project; and
WHEREAS, the Executive intends to seek Council approval to issue additional LTGO bonds in 2016, 2017, 2018, and 2019 to fund the completion of the project; and
WHEREAS, the Department of Finance and Administrative Services requires bridge financing for the project design phase in advance of the 2016 LTGO bond issuance; and
WHEREAS, Seattle Municipal Code subsection 5.06.030...