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Record No: CB 118535    Version: 1 Council Bill No: CB 118535
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/23/2015
Ordinance No: Ord 124925
Title: AN ORDINANCE relating to the Haller Lake Improvements project in the Department of Finance and Administrative Services; establishing the 2017 Multipurpose LTGO Bond Fund; authorizing the loan of funds from the City's Consolidated (Residual) Cash Pool, or its participating funds, in the amount of $1,500,000, to the 2017 Multipurpose LTGO Bond Fund for bridge financing of the Haller Lake Improvements project; and ratifying and confirming certain prior acts; all by a 3/4 vote of the City Council.
Sponsors: Nick Licata
Attachments: 1. Summary and Fiscal Note
Supporting documents: 1. Signed Ord 124925
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the Haller Lake Improvements project in the Department of Finance and Administrative Services; establishing the 2017 Multipurpose LTGO Bond Fund; authorizing the loan of funds from the City's Consolidated (Residual) Cash Pool, or its participating funds, in the amount of $1,500,000, to the 2017 Multipurpose LTGO Bond Fund for bridge financing of the Haller Lake Improvements project; 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 2015-2020 Adopted Capital Improvement Program, the Executive proposed and the Council adopted the Haller Lake Improvements Project, to complete the design of Haller Lake Improvements Project at the City's Haller Lake complex; and
WHEREAS, the 2016-2021 Proposed Capital Improvement Program includes funding to complete construction of those improvements; and
WHEREAS, the Haller Lake Improvements Project is estimated to cost $5,500,000 and is funded by proceeds from multiple fund sources through 2017, including Real Estate Excise Tax I and general obligation bonds; and
WHEREAS, the Executive intends to seek Council approval to issue LTGO bonds in 2017 to fund the Haller Lake Improvements project; and
WHEREAS, the Department of Finance and Administrative Services requires bridge financing for the Haller Lake Improvements project in advance of the 2017 LTGO bond issuance; 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 $1,500,000 through the end of 2017; and
WHERE...

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