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In-house borrowing to fund city upgrades
The Bellevue City Council on Oct. 7 approved temporarily borrowing $30 million from the city’s Utility Capital Investment Program Fund, moving it to the General CIP Fund to pay for transportation projects.
Short-term borrowing through an “interfund loan” is a financial tool the city utilizes occasionally and is regulated by state law. The loan will be used to fund the extension of Northeast Fourth Street, improvements on 120th Avenue Northeast, design work for other street upgrades and neighborhood projects in various locations.
The additional funding is needed now due to factors such as the loss of other sources of revenue, increased costs, recent light rail route decisions and a desire to accelerate construction to achieve savings and honor community commitments. The city will pay back the Utility CIP Fund, with interest, within three years.