ORDINANCE No. 176771

* Eliminate the revolving loan fund in the amount of $150,000 for art organizations administered by the Regional Arts and Culture Council, and direct the funds be released to be expended (Ordinance)

The City of Portland ordains:

Section 1. The Council finds that:

1.  Ordinance No. 169982, passed by Council on April 10, 1996, authorized a $150,000 loan to the Portland Opera, requested that RACC develop and present for City Council consideration a proposal and policy guidelines for the establishment of a RACC administered revolving loan program.

2.  Ordinance No. 171897, passed by Council on December 31, 1997, established a revolving loan fund in the amount of $150,000 for arts organizations in the city of Portland to be administered by the Regional Arts and Culture Council, authorized RACC to provide loans to non-profit arts organizations, provided for the development of criteria for loan approvals, and provided that interest and dividends on the unutilized portions of the loan fund would accrue to the RACC general fund.

3.  RACC has administered this revolving loan program since the date of its authorization.

4.  There are no outstanding loans to be administered and the full amount of the funds loaned out have been repaid to RACC.

5.  It is now the Council’s desire to permanently terminate this loan program, remove restrictions on the use of the resources, and direct RACC to use the funds to support the immediate needs of arts organizations in the city.

NOW, THEREFORE, the Council directs:

a.  The revolving loan fund for arts organizations established by Ordinance 171897, is abolished.

b.  The remaining funds of $150,000 shall remain at RACC.

c.  There shall be no obligation by the City to RACC to pick up any revenue the RACC may lose due to the termination of the fund.

Section 2. The Council declares that an emergency exists because these funds are needed immediately by arts organizations in the city; therefore, this ordinance shall be in full force and effect from and after its passage by the Council.

BACKING SHEET INFORMATION

AGENDA NO. 950-2002

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 176771