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Record No: CB 118536    Version: 1 Council Bill No: CB 118536
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/23/2015
Ordinance No: Ord 124926
Title: AN ORDINANCE relating to the Joint Training Facility Project; amending Ordinance 121179, as last amended by Ordinance 124638, to change the terms of the outstanding interfund loan.
Sponsors: Nick Licata
Supporting documents: 1. Summary and Fiscal Note, 2. Summary Att A - Location Map, 3. Signed Ord 124926
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the Joint Training Facility Project; amending Ordinance 121179, as last amended by Ordinance 124638, to change the terms of the outstanding interfund loan.
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WHEREAS, Ordinance 121179 approved a loan of up to $10,480,000 from the Consolidated Cash Pool to the Cumulative Reserve Subfund, Unrestricted Subaccount, to be paid back by December 31, 2003; and
WHEREAS, the originally anticipated source for loan repayment was the proceeds generated from the sale of surplus City-owned property not needed at the Joint Training Facility site; and
WHEREAS, Ordinance 121179 was most recently amended in 2014 by Ordinance 124638, which requires the jurisdictional department to begin repaying the City's Consolidated Cash Pool annual repayments of at least $650,000 if the loan is not fully paid off by the end of 2016; and
WHEREAS, Ordinance 124638 also removed the expiration date of December 31, 2016, from the interfund loan; and
WHEREAS, the original $10,480,000 interfund loan has accrued approximately $3,106,000 in interest expense as of August 2015 and is anticipated to have accrued approximately $3,166,000 in interest expense as of December 2015; and
WHEREAS, the Cumulative Reserve Subfund Unrestricted Subaccount has accumulated sufficient cash reserves to repay $9,646,432 of principal and estimated accrued interest on the outstanding interfund loan at end of 2015;

WHEREAS, the Director of Finance and the City Budget Director seek to change the terms of the interfund loan for the Joint Training Facility Project to recognize the reduced outstanding loan balance; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Section 2 of Ordinance 121179 is amended as follows:
Section 2. The Director of Finance or ((his)) the Director's designee is authorized to loan funds from the City's Consolidated Cash Pool or its ...

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