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Record No: CB 119918    Version: 1 Council Bill No: CB 119918
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/23/2020
Ordinance No: Ord 126218
Title: AN ORDINANCE relating to the financing of Seattle Center's operations; amending Ordinance 125717, which authorized an interfund loan; authorizing the loan of funds in the amount of $18,000,000 from the REET II Capital Projects Fund to the Seattle Center Fund to support the operations of Seattle Center during the COVID-19 crisis; and providing for the repayment thereof.
Sponsors: Teresa Mosqueda
Attachments: 1. Summary and Fiscal Note
Supporting documents: 1. Summary Att A - Interfund Loan Calculations, 2. Signed Ordinance 126218, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of Seattle Center's operations; amending Ordinance 125717, which authorized an interfund loan; authorizing the loan of funds in the amount of $18,000,000 from the REET II Capital Projects Fund to the Seattle Center Fund to support the operations of Seattle Center during the COVID-19 crisis; and providing for the repayment thereof.
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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, the Director of Finance and the City Budget Director have determined that this interfund loan request is consistent with the Debt Management Policies adopted by Resolution 31553; and
WHEREAS, there is sufficient cash in the REET II Capital Projects Fund to support an interfund loan of up to $18,000,000 through December 31, 2033, and still meet regular budgeted operating needs; and
WHEREAS, funds loaned by the REET II Capital Projects Fund to the Seattle Center Fund to support Seattle Center operations are anticipated to be repaid from revenues associated with the new Seattle Center arena upon its completion and opening and the return of public events and commerce at the Seattle Center campus after society recovers from the COVID-19 pandemic; and
WHEREAS, in 2018, Ordinance 125717 authorized the Director of Finance to make a revolving loan of up to $5,000,000 principal and interest from the Unrestricted Cumulative Reserve Fund to the Seattle Center Fund to support Seattle Center operations during the temporary closure of KeyArena; and
WHEREAS, the City did not anticipate a global pandemic striking public health and the economy, requiring a prohibition of large events and gatherings for public health's sake; and
WHERE...

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