CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
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AN ORDINANCE relating to the financing of the Mercer West project; amending Ordinance 125466 to extend the term of an interfund loan.
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WHEREAS, Ordinance 124904, passed November 23, 2015, authorized an interfund loan of up to $26,300,000 from the City's Consolidated Cash Pool to the Transportation Master Fund, with repayment scheduled for no later than December 31, 2017; and
WHEREAS, Ordinance 125466 extended the repayment for no later than December 31, 2019; and
WHEREAS, as described in Ordinance 124904, the loan was to be repaid from the sale of surplus property at 800/816 Mercer Street which is expected to be finalized in 2020; and
WHEREAS, the Finance and Budget Directors have determined that the extension of the interfund loan is consistent with the Debt Management Policies adopted by Resolution 31553; and
WHEREAS, there is sufficient cash in the Revenue Stabilization Fund to continue to support a loan of up to $26,300,000 through the end of 2020; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY OF SEATTLE AS FOLLOWS:
Section 1. Section 1 of Ordinance 124904, last amended by Ordinance 125466, is hereby amended as follows:
Section 1. ((A)) The Director of Finance is authorized to make a revolving loan of up to $26,300,000 of principal and interest outstanding ((at any one time is hereby authorized to be made)) from the Revenue Stabilization Fund to the Transportation Fund ((from which may be paid)) to provide financing for capital costs related to the Mercer West project and related debt service costs. This loan is to be repaid no later than ((December 31, 2019)) December 31, 2020, with interest on the loan at the rate of return of the City's Consolidated (((Residual))) Cash Pool. The entire principal and interest amount of the loan drawn is intended to be repaid from the proceeds of the sale of surplus property at 800/816 Mercer Street.
Section 2. Section 3 of...
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