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FIN-4.16 - Authorize Creation of Community Solar Special Revenue Fund

AUTHORIZE CREATION OF COMMUNITY SOLAR SPECIAL REVENUE FUND

Binding City Policy

BCP-FIN-4.16


 

PURPOSE

 

Section 1. The Council finds:

 

1.  On January 9, 2013, through Ordinance No. 185849, City Council authorized the Bureau of Planning and Sustainability to apply to the Oregon Community Foundation’s Penstemon Fund for a grant up to the amount of $250,000 for community-based efforts to increase renewable energy generation.

 

2.  The Oregon Community Foundation (OCF) notified the City of Portland that it will award a grant from the Penstemon Fund to Bureau of Planning and Sustainability in the amount of $100,000.

 

3.  The grant funding will enable the Bureau of Planning and Sustainability and the Bureau of Parks and Recreation to develop a 10-kilowatt system for solar electric energy on the Southwest Community Center.

 

4.  On May 15, 2013, through Ordinance No. 186029, City Council authorized the Bureau of Planning and Sustainability to accept a grant in the amount of $100,000 from the Oregon Community Foundation’s Penstemon Fund to make renewable energy more accessible to a broader segment of Portland’s community.

 

5.  The Community Solar Special Revenue Fund will receive revenue from Portland General Electric, a fifteen-year stream of utility incentive payments based on the energy produced from the solar energy system, (funded through PGE’s Solar Payment Option program) and community donations to fund the installation of solar electric systems on publicly-owned facilities. No General Funds will be involved in funding any solar installations.

 

6.  The Purpose of the fund is to track and account the revenues (utility incentive and donations) and the capital expenses of installing solar electric system on publicly-owned facilities.

 

7.  Funding from the Oregon Community Foundation’s Penstemon Fund has been appropriated in the FY 2013-2014 budget for Bureau of Planning and Sustainability.

 


 

POLICY

 

NOW, THEREFORE, the Council directs:

 

a.  The fund is managed by the Bureau of Planning and Sustainability. The Office Management and Finance is authorized to create the Community Solar Special Revenue Fund, effective immediately. The Office of Management & Finance Office is authorized to perform all administrative matters in relation to this Fund.

 

b.  The Director of Bureau Planning and Sustainability of the City of Portland is authorized to negotiate and execute on behalf of the City of Portland any subsequent modifications to the Fund provided such modifications do not increase the City of Portland’s financial obligation or risk. The Fund has no required reserve or contingency requirements. Any modifications that increase the City ofPortland’s financial obligation or risk must be authorized by the Portland City Council. In the event the Fund is closed, all remaining balances will be transferred to the General Fund.

 

c.  The action creating the Community Solar Special Revenue Fund contained in this ordinance is binding City policy.

 

Section 2. The Council declares that an emergency exists because it is necessary to create the fund in order to properly complete financial transactions beginning immediately; therefore this ordinance shall be in full force and effect upon passage.

 


HISTORY

 

Emergency Ordinance No. 186295, passed by City Council and effective October 23, 2013.


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