AN ORDINANCE relating to City Finances; creating and changing the names of funds in the City Treasury; amending Ordinance 126161, which authorized an interfund loan; amending Ordinance 126237, which adopted the 2021 Budget, including the 2021-2026 Capital Improvement Program (CIP); changing appropriations to various departments and budget control levels, and from various funds in the Budget; and ratifying and confirming certain prior acts.
Agenda item four taxable 120117 relating to city finances, creating and changing the names of funds in the city treasury. Thank you so much. I moved to pass Council Bill 120117. Is there a second second? It's been moved and seconded to pass the bill. Councilor Mosquito, you are the sponsor of this bill, so I'm going to hand it over to you to address this item. Thank you very much. Council President. Colleagues, thank you for considering this legislation. This legislation is related to last year's passed legislation, ordinance 126161, which created the 2021 LTG Taxable Bond Fund and authorized an interim loan to support spending on the West Seattle Bridge in anticipation of the 2021 bond proceeds. This was before the 2021 adopted budget was presented and before the decision between whether or not to repair or replace the West Seattle Bridge. The 2021 adopted budget anticipated additional taxable bond sales for the Overlook Walk and Aquarium Expansion Progress projects, and directed those proceeds to the same fund. Now Finance and Administrative Services Department has since determined that we can sell non taxable bonds for the West Seattle Bridge repair, but that those bond proceeds will need to be held in a separate fund from the taxable bonds. This legislation does just that, this legislation accordingly. This legislation accordingly offers several technical corrections to the bond funds associated with the West Seattle Bridge repair work. And I hope the council will consider this message today. Thank you so much. Thank you. Councilmember Mosqueda, are there any additional comments on the bill? Looking for hands. Oh, Councilmember Herbold, please. Thank you so much. Just very quickly, I want to thank Chair Mascara for her quick action on this. Appreciate that. This is being referred directly to full council and technical teams is very welcome to address the needs associated. With the bond fund requirements. Thanks again. All right. Any additional comments on this particular piece of legislation for other hands raised? I am not seeing any additional hands raised. Please call the role on the passage of the bill. Sergeant. Yes. Strauss. Yes. For both. Yes. Whereas I. Lewis. Yes. Morales. Yes. Let's get to. I. Peterson. High. Council president Gonzalez I 19 favor and oppose. The bill passes and the chair will sign it. Will the clerk please affix my signature to the legislation on my behalf? Will the clerk please read item five into the record?