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FIN-4.05 - Sewer System Safety Net Fund & Sewer Revolving Loan Fund Closure

SEWER SYSTEM SAFETY NET FUND & SEWER REVOLVING LOAN FUND CLOSURE

Binding City Policy

BCP-FIN-4.05

 


PURPOSE

 

Section 1.  The Council finds:

 

1.  Council established the Sewer System Safety Net Fund in 1987 to receive funds from the State Assessment Deferral Loan Fund and to disburse the funds as loans to low-income homeowners within the boundaries of the Mid-County Sewer Project. The loans were made to assist homeowners with the installation of sewer lines.

 

2.  Council established the Sewer Revolving Loan Fund in 1992 to finance the Private Plumbing Loan program, which also makes loans to low-income homeowners within the boundaries of the Mid-County Sewer Project. These loans were made to assist homeowners with the installation of private plumbing associated with required connections to the City’s sewer system.

 

3.  The City has repaid the State Assessment Deferral Loan Fund, and no additional loans will be made from the Sewer System Safety Net Fund. With completion of the Mid-County Sewer Project and the reduced volume of private plumbing loans, there is no accounting or financial management reason to maintain these loans in separate funds.

 


POLICY

 

NOW, THEREFORE, the Council directs:

 

a.  Effective June 30, 2007, the Sewer System Safety Net Fund (Fund 633) will be closed and all balance sheet accounts will be transferred to the Sewer System Operating Fund (Fund 151).

 

b.  Effective June 30, 2007, the Sewer Revolving Loan Fund (Fund 636) will be closed and all balance sheet accounts will be transferred to the Sewer System Operating Fund (Fund 151).

 

c.  The actions closing the Sewer System Safety Net Fund and the Sewer Revolving Loan Fund contained in this ordinance are binding City policy.

 

Section 2.  The Council declares that an emergency exists because it is necessary to close these funds before the end of the fiscal year in order to properly prepare financial statements for the year ending June 30, 2007; therefore this ordinance shall be in full force and effect from and after June 30, 2007.

 


HISTORY

 

Emergency Ordinance No. 181083, passed by City Council June 27, 2007 and effective June 30, 2007.


Table of Contents
FIN-4.01 - Community and School Traffic Safety Account
FIN-4.02 - Parks Local Option Levy Fund
FIN-4.03 - Fund Management (June 2005)
FIN-4.04 - Fund Management (June 2006)
FIN-4.05 - Sewer System Safety Net Fund & Sewer Revolving Loan Fund Closure
FIN-4.06 - Public Safety Fund Closure and Renaming of Federal Grants Fund
FIN-4.07 - FY 2008-09 Grants Fund Major Supplemental Budget
FIN-4.08 - FY 2008-09 Grant-Related Budget Amendments Minor Supplemental Budget
FIN-4.09 - Close the Water Growth Impact Trust Fund, the Portland Police Association Health Insurance Fund and the Parking Facilities Debt Redemption Fund, and create the Tax Increment Reimbursement Fund
FIN-4.10 - Close the Business License Surcharge Fund, and Approve Renaming the Housing and Community Development Fund to the Community Development Block Grant Fund, and Approve Creating the Headwaters Apartment Complex Fund
FIN-4.11 - Close the Campaign Finance Fund
FIN-4.12 - Approve renaming the Parks Capital Construction & Maintenance Fund, the Portland Parks Memorial Trust Fund, and the Local Improvement District Construction Fund
FIN-4.13 - Create the Arts Education and Access Fund
FIN-4.14 - Adopt Budget Ajustments and Establish Appropriation Authority for the Arts Education and Access Fund and the Private For-Hire Transportation Program Reforms
FIN-4.15 - Approve Creation of Debt Service Funds and Closure of Cable Fund and Private for Hire Transportation Safety Fund
FIN-4.16 - Authorize Creation of Community Solar Special Revenue Fund
FIN-4.17 - Approve Renaming the Tax Increment Reimbursement Fund to the Tax Increment Financing Reimbursement Fund