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Record No: CB 118534    Version: 1 Council Bill No: CB 118534
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/23/2015
Ordinance No: Ord 124909
Title: AN ORDINANCE relating to the Smith Cove project in the Department of Parks and Recreation; and authorizing the loan of funds from the City's Consolidated (Residual) Cash Pool, or its participating funds, in the amount of $560,000, to the Parks Capital Fund for bridge financing of the Smith Cove project.
Sponsors: Nick Licata
Attachments: 1. Summary and Fiscal Note
Supporting documents: 1. Signed Ord 124909
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the Smith Cove project in the Department of Parks and Recreation; and authorizing the loan of funds from the City's Consolidated (Residual) Cash Pool, or its participating funds, in the amount of $560,000, to the Parks Capital Fund for bridge financing of the Smith Cove project.
body
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 specified a six-year spending plan for park district funds including $697,000 annually beginning in 2017 to fund Smith Cove Park development in 2017; and
WHEREAS, those funds will be available to reimburse the Parks Capital Fund when adopted as part of the 2017 Seattle Park District Budget; 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, there is sufficient cash in the City's Consolidated (Residual) Cash Pool or its participating funds to support a revolving loan of up to $560,000 through the end of 2016; and
WHEREAS, funds loaned by the City's Consolidated (Residual) Cash Pool to the Parks Capital Fund for the purpose of bridge financing of the project is anticipated to be repaid from Seattle Park District revenues; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. The Director of Finance is authorized to make a revolving loan of up to $560,000 principal and interest outstanding at any one time from the City's Consolidated (Residual) Cas...

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