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Record No: CB 120223    Version: 1 Council Bill No: CB 120223
Type: Ordinance (Ord) Status: Passed
Current Controlling Legislative Body City Clerk
On agenda: 11/22/2021
Ordinance No: Ord 126487
Title: AN ORDINANCE relating to the financing of the Transportation Fund; authorizing interfund loans up to a total amount of $15,000,000 from multiple City funds as bridge financing to be repaid by the proceeds of a future surplus property sale.
Sponsors: Teresa Mosqueda
Supporting documents: 1. Summary and Fiscal Note, 2. Signed Ordinance 126487, 3. Affidavit of Publication
CITY OF SEATTLE
ORDINANCE __________________
COUNCIL BILL __________________
title
AN ORDINANCE relating to the financing of the Transportation Fund; authorizing interfund loans up to a total amount of $15,000,000 from multiple City funds as bridge financing to be repaid by the proceeds of a future surplus property sale.
body
WHEREAS, under Ordinance 125916, the City Council authorized the sale of properties in South Lake Union, collectively known as the "Mercer Megablock" properties, for $138.5 million; and
WHEREAS, Ordinance 125916 anticipated approximately $50 million of sale proceeds being appropriated to the Transportation Fund upon completion of the sale (later adjusted to $54.7 million); and
WHEREAS, completion of the Mercer Megablock property sale was originally anticipated to be completed in 2021, and is currently expected to close on or before March 31, 2022; and
WHEREAS, several 2021 Seattle Department of Transportation programs and projects are reliant on proceeds from the Mercer Megablock sale; and
WHEREAS, the Transportation Fund currently has an interfund loan authorization pursuant to Ordinance 126227 of up to $25 million principal and interest outstanding from the Information Technology Fund; and
WHEREAS, Seattle Municipal Code subsection 5.06.030.C requires City Council approval by ordinance of any interfund loan for a duration of 90 days or more; 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 several City Funds to support additional interfund loans to the Transportation Fund up to $15 million and still meet regular budgeted operating needs; and
WHEREAS, funds loaned to the Transportation Fund pursuant to this ordinance are intended to be...

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