APPROVE RENAMING THE TAX INCREMENT REIMBURSEMENT FUND TO THE TAX INCREMENT FINANCING REIMBURSEMENT FUND
Binding City Policy
Section 1. The Council finds:
1. Ordinance #182928 was passed by Council on June 18, 2009 creating the Tax Increment Reimbursement Fund.
2. Council established the Tax Increment Reimbursement Fund to receive pay for certain functions that used to be completed by the Portland Development Commission. The reimbursements are tracked separately from other funding streams in order to meet compliance requirements. Renaming the fund better represents the purpose of the fund.
NOW, THEREFORE, the Council directs:
a. Effective July 1, 2014, the Tax Increment Reimbursement Fund will be renamed the Tax Increment Financing Reimbursement Fund.
b. The action renaming the Tax Increment Reimbursement Fund to Tax Increment Financing Reimbursement Fund contained in this ordinance is binding City policy.
Section 2. The Council declares that an emergency exists because it is necessary to rename the fund before the beginning of next fiscal year in order to properly prepare financial statements for the year beginning July 1, 2014; therefore this ordinance shall be in full force and effect upon passage.
Emergency Ordinance No. 186669, passed by City Council and effective June 19, 2014.