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Borrowing of money

Seattle Mun. Code § 4.36.515
in effect
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4.36.515 - Borrowing of money The Board, for and on behalf of the retirement system, is authorized to borrow money from time to time, in amounts not to exceed $1,000,000 outstanding at any one time, and at interest rates not to exceed six percent per year and to execute the necessary notes and pledge as collateral securities held by the retirement system, all in connection with the investment of moneys in the retirement fund authorized by Section 4.36.500. Such notes or other evidence of indebtedness shall not constitute an indebtedness of the City and shall be payable solely from the retirement fund. (Ord. 125109, § 14, 2016; Ord. 124574, § 18, 2014; Ord. 87916, § 1, 1959; Ord. 78444 § 9-1, 1949.)
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=TIT4PE_CH4.36CIEMRESY_4.36.515BOMOFetched: 11/1/2026

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4.36.515 | Corpus