WARRANTS

SEA-MC tit. 5, subtit. I, ch. 5.16

in effect

Seattle Mun. Code § 5.16.010 Cancellation of warrants

5.16.010 - Cancellation of warrants Any warrant that is not delivered to the payee within one year from the date of issuance shall be cancelled and the amounts for which said warrants are drawn shall be credited to the several funds against which they are drawn. The Director of Finance and Administrative Services shall keep a record of cancelled warrants. (Ord. 123361, § 138, 2010 [department head name change and style change]; Ord. 120794, § 94, 2002 [department head name change]; Ord. 116368, § 142, 1992; Ord. 96239, § 1, 1967; Ord. 3622, § 1, 1894.)

Seattle Mun. Code § 5.16.030 Director of Finance and Administrative Services authorized to establish credit

5.16.030 - Director of Finance and Administrative Services authorized to establish credit As authorized by RCW 43.09.2853, with the advice of the Debt Management Policy Advisory Committee, the Director of Finance and Administrative Services is authorized to establish a line of credit for the City with any qualified public depository for cashing City warrants and other financial purposes, to determine the amount of credit extended, to execute written agreements therefor with either a fixed rate of interest adjusted periodically or a fluctuating rate of interest, such rates not greater than 18 percent annually or the maximum rate allowed by law, whichever is less, and to pay interest and other finance or service charges. The total of all lines of credit with all qualified public depositories shall not exceed $10,000,000. (Ord. 123361, § 139, 2010 [department head name change and style update]; Ord. 120794, § 95, 2002 [department head name change]; Ord. 120012, § 1, 2000; Ord. 116368, § 143, 1992 [department head name change and cross-reference update]; Ord. 110305, § 1, 1981.)

Seattle Mun. Code § 5.16.040 Lines of credit—Payment

5.16.040 - Lines of credit—Payment The line or lines of credit established by the Director of Finance and Administrative Services pursuant to Section 5.16.030 shall be a general obligation of the City. The City hereby pledges its full faith, credit, and resources to levy and collect taxes and other revenues sufficient for payment of the principal of, and interest on, the lines of credit extended, and to make prompt payment of the obligation, including interest thereon, as the same are due. (Ord. 123361, § 140, 2010 [department head name change]; Ord. 120794, § 96, 2002 [department head name change]; Ord. 116368, § 144, 1992 [department head name change]; Ord. 110585, § 1, 1982.)

Seattle Mun. Code § 5.16.050 Warrant overdrafts

5.16.050 - Warrant overdrafts Subject to the following terms and conditions, the Director of Finance and Administrative Services is authorized to contract with the bank at which the City maintains its principal account for the bank to postpone presentment of City warrants until the City can provide for their full payment: A. The amount of the warrants for which presentment is so delayed shall be aggregated as a warrant overdraft account; B. The aggregate of the warrant overdrafts shall not exceed $20,000,000; C. The fee charged by the bank shall not exceed that bank's current prime rate multiplied by 1.5, for the dates for which the credit is outstanding; D. The Debt Management Policy Advisory Committee shall review the contract with the principal bank and, from time to time, advise the Director of Finance and Administrative Services thereon and on the aggregate of warrant overdrafts that may be outstanding; E. Fees paid for deferment of presentment shall cease and the bank may present outstanding warrants should any other general fund warrant be presented to the Director of Finance and Administrative Services for payment and marked as presented but not paid for lack of funds. (Ord. 123361, § 141, 2010 [department head name change and style update]; Ord. 120794, § 97, 2002 [department head name change]; Ord. 120012, § 2, 2000; Ord. 116368, § 145, 1992; Ord. 115953, § 1, 1991; Ord. 115437, § 1, 1990; Ord. 115010, § 1, 1990.)

Source: City of Seattle, Seattle Municipal Code and City Charter (Municode Library, library.municode.com)URL: https://library.municode.com/wa/seattle/codes/municipal_code?nodeId=TIT5REFITA_SUBTITLE_IGERE_CH5.16WAFetched: 11/1/2026