Ordinance No. 82-83 t
CITY OF TIGARD, OREGON
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® AN ORDINANCE t'G[OVIDINQ sada TINE MST•_3%:IS3'N1"T OF A SPECIAL RRVENUE FUND TO BE t
KNOWN AS THE TIGARD URIM ,y RMNEW4b AG=UCY FLMND (TURA FUND) FOR THE PURPOSE OF k
COMPORK1190 TO THE REQUIREMENTS OF OBS 457.440; AND DECLARING AN EMERGENCY.
WHEREAS, the Tigard City Council finds it necessary to create a special
revenue fund to be known as the "Tigard Urban Renewal Agency Fund" (short
title - TURA- Fund)- and
WHEREAS. All payments, as and when received by the City of Tigard by the tax
increment financing met►:od need to be identified for uces provided by law.
NOW, THEREFORE.
THE CITY OF TIGARD ORDAINS AS FOLLOWS:
SECTION 1: ESTABLISHMENT OF FUND. Finding that ORS 457.440 roquires a
special revenue fund be created to be used to pay the principal
and interest on indebtedness incurred by the agency to finance or
refinance the carrying out of the Urban Renewal Plan, the Tigard
' City Council hereby establishes a special revenue fund of the City
of Tigard designated "Tigard Urban Renewal Agency Fund". whose
short title shall be "TUBA Fund".
RECTION 2: DEPOSITS. The Tigard City Council further finds that all payments
as and when received by the City under ORB 457.420 through 457.450
shall be separately maintained and deposited in the "Tigard Urban
Renewal Agency Fund" together with any increments thereto or
Interest thereon.
SECTION 3. EXPENDITURES. Obligations against or expenditures from said fund
shall conform to the purpose as stated in the "Tigard Downtown
Revitalization Plan" and as restricted by ORS Chapter 457.
SECTION 4. RECORDS. The Finance Director is authorized and directed to
establish all accounting records necossary or convenient in
accordance with prescribed procedures to account for all funds
received and all obligations and expenditures there against as
part of the City's fiscal records, thus to maintain currently at
it times proper racordx of account=bility thereof as required by
lam.
ORDINANCE NO.
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�.:. SECTI231 5. zr'r CT1:VK u�aaa. i:s?�swu%s. 3. �..�� __s'�- X84 is necessary to E.
protect the health, safety and general welfare of the public, in s
order to assure proper maintenance Qf all Urban Renewal Punas, an
emergency sw i.arab :zclw_ca to exist and this ordinance shall be
in full force and effect immediately upon its passage by the
Council and approval by the Mayor.
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PASSED: By the City Council by rinammoccS vote of all Council members
present after being read by number and title only, this ,2 d day
of 1982.
City Recorder, - City igard
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Approved: By the Mayor this -26 _ day of c e?'N/Pv , 1982.
Mayor - City of Tigard
Ordinance no.
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