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Record No: CB 118917    Version: 1 Council Bill No: CB 118917
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
Final Action: 2/24/2017
Ordinance No: Ord 125264
Title: AN ORDINANCE relating to the City Treasury; creating a fund for the deposit of 2018 limited tax general obligation bond proceeds.
Sponsors: Tim Burgess, Lisa Herbold
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 125264, 3. Affidavit of Publication

CITY OF SEATTLE

ORDINANCE __________________

COUNCIL BILL __________________

title

AN ORDINANCE relating to the City Treasury; creating a fund for the deposit of 2018 limited tax general obligation bond proceeds. 

body

WHEREAS, the City plans to issue limited tax general obligation (LTGO) bonds in 2018 to fund eligible capital projects; and

WHEREAS, the Executive may seek Council approval for bridge financing in 2017 of projects that will eventually be funded by the 2018 LTGO bond proceeds, making it advantageous to create the new fund in advance of the 2018 budget adoption process;  NOW, THEREFORE,

BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:

Section 1. A new 2018 Multipurpose LTGO Bond Fund is created in the City Treasury, into which the principal proceeds and any premium received from the sale and delivery of limited tax general obligation bonds in 2018 shall be deposited for the purpose of paying all or part of the costs of various elements of the City’s capital improvement program and other City purposes approved by ordinance.  The Fund shall receive earnings on its positive balances and pay interest on its negative balances.  The Director of Finance is authorized to create other Subfunds, Accounts, or Subaccounts as may be needed. 

 

 

 

Section 2. This ordinance shall take effect and be in force 30 days after its approval by the Mayor, but if not approved and returned by the Mayor within ten days after presentation, it shall take effect as provided by Seattle Municipal Code Section 1.04.020.

Passed by the City Council the ________ day of _________________________, 2017, and signed by me in open session in authentication of its passage this _____ day of _________________________, 2017.

____________________________________

President ____________ of the City Council

Approved by me this ________ day of _________________________, 2017.

____________________________________

Edward B. Murray, Mayor

Filed by me this ________ day of _________________________, 2017.

____________________________________

Monica Martinez Simmons, City Clerk

(Seal)