CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the financing of certain general government programs; authorizing an interfund loan from the Housing Incentive Subfund of the Office of Housing Fund to the General Subfund Fund.
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WHEREAS, there is an exigent need for general government programs to be implemented prior to Employee Hours Tax revenue collection; and
WHEREAS, the City Council has determined that this interfund loan is consistent with the Debt Management Policies adopted by Resolution 31553; and
WHEREAS, regarding use of the proceeds of this interfund loan for necessary general government programs, the City Council has determined that there is no viable alternative available for advancing a core City objective; and
WHEREAS, there is sufficient cash in the Housing Incentive Subfund Fund to support a loan of up to $4,300,000 through the end of 2020;
NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. The City Council finds that there is no viable alternative to meet a core City objective and the Debt Management Policy Advisory Committee is not required to review this loan, and therefore the Director of Finance is authorized to make a loan of not more than $4,300,000 of principal and interest outstanding at any one time from the Housing Incentive Subfund Fund (16430) to the General Subfund Fund (00100) from which funds may be drawn to pay for general government purposes. This loan is to be repaid no later than December 31, 2020, with interest on the loan at the rate of return of the City’s Consolidated (Residual) Cash Pool.
Section 2. The entire principal and interest amount of the loan authorized in Section 1 of this ordinance, and owed by the General Subfund Fund to the Housing Incentive Subfund Fund, is intended to be repaid from the no later than December 31, 2020 from the proceeds for the sale of City-owned property on Mercer anticipated in 2019.
Section 3. The Director of Finance may effectuate the loan authorized in Section 1 of this ordinance by transferring cash from the Housing Incentive Subfund Fund to the General Subfund Fund until no later than December 31, 2020. The Director of Finance is further authorized to establish, and modify if necessary from time to time, a repayment plan and schedule.
Section 4. 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.
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President ____________ of the City Council
Approved by me this ________ day of _________________________, 2017.
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Tim Burgess, Mayor
Filed by me this ________ day of _________________________, 2017.
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Monica Martinez Simmons, City Clerk
(Seal)