§ 16.550. Procedures by city finance officer.  


Latest version.
  • At the beginning of every fiscal year, and as soon thereafter as practicable, the city finance officer shall credit to and set up in the permanent improvement fund and the proper subdivisions thereof the amount of all taxes for permanent improvements becoming due and payable and not previously credited to such fund; and whenever any permanent improvement bonds or other like obligations of the city shall be authorized to be issued and sold for the purpose of making permanent improvements of the city, either by or on behalf of the city council, the board of estimate and taxation, the park board, library board or any board or department of the city, the city finance officer shall forthwith and prior to the sale of such bonds or other obligations credit to and set up in the permanent improvement fund and the proper subdivisions thereof the amounts of all such bonds and other obligations of the city. Said fund shall at all times be available for and chargeable with the costs of all public permanent improvements of the city, whether made by the city council or any of the boards or departments of the city, to the amount to which the city and the several boards and departments of the city are credited with such fund. Upon the execution of any contract by the city, or by any board or department of the city having authority so to do, for the making of any public permanent improvement of the city, the city finance officer shall at the time of signing such contract charge to and encumber the proper subdivision of the permanent improvement fund with the full amount of such contract. (Code 1960, As Amend., § 484.030; Pet. No. 249854, § 31, 7-14-89; 2004-Or-064, § 1, 5-28-04)