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A. Interfund Transfers:
1. All transfers between funds shall only be made in accordance with governing body appropriations as reflected in the original or amended town budget.
2. Once lawfully appropriated, interfund transfer payments may be made by the town clerk without further governing body approval in the manner used for payment of purchases of goods and services.
B. Debt Service:
1. All long term indebtedness in the form of bonds, notes, or lease purchase obligations shall be incurred in the manner provided by law.
2. Once lawfully incurred, the town clerk shall make payments of principal and interest on the debt in accordance with the terms specified by the lender without further approval of the governing body.
3. The manner of payment shall be consistent with the manner used for payment of goods and services.
4. Current balances on outstanding debt shall be maintained by the town clerk in appropriate journals.
C. Financial Reporting:
1. The town clerk shall prepare written monthly financial reports which disclose at least all receipts and expenditures by fund in the same format as the approved budget and showing the variance from the budget.
2. The financial reports shall be placed on the agenda for acknowledgment by the governing body at each regular meeting.
D. Competitive Bidding:
1. The town of Beaver shall adhere to the provisions of 61 Oklahoma Statutes (1991), section 101 et seq., as the same may be from time to time amended or recodified, when determining when competitive bidding is required and the manner by which competitive bids will be obtained.
2. If other provisions of this code provide for additional competitive bidding requirements, such additional requirements shall be met.
3. In addition to the requirements of subsection D1 of this section, public trusts created pursuant to 60 Oklahoma Statutes section 176 of which the town of Beaver is beneficiary shall also follow the competitive bidding provisions of 60 Oklahoma Statutes section 176(G) and as the same may be from time to time amended or recodified.
E. When Bidding Not Required:
1. The following may be purchased without giving an opportunity for competitive bidding:
a. Supplies, materials, equipment or contractual services where the cost does not exceed seven thousand five hundred dollars ($7,500.00) in a single transaction;
b. Supplies, materials, equipment or contractual services which can be furnished only by a single dealer or a sole source vendor, or which have a uniform price wherever bought;
c. Supplies, materials, equipment or contractual services purchased from another unit of government at a price deemed below that obtainable from private dealers, including war surplus, or purchased at auction at a price deemed below that obtainable elsewhere;
d. Contractual services (gas, electricity, telephone service, and the like) purchased from a public utility at a price or rate determined by the state corporation commission or other government authority;
e. Supplies, materials, equipment or contractual services when purchased at a price not exceeding a price set therefor by the state purchasing agency or any other state agency authorized to regulate prices for things purchased by the state (whether such price is determined by a contract negotiated with a vendor or otherwise);
f. Contractual services of a professional nature, such as engineering, architectural, medical and legal services; or
g. When an emergency is declared to exist.
2. The term "contractual services", for the purpose of this chapter, means services performed for the town by persons not in the employment of the town, and may include the use of equipment or the furnishing of commodities in connection with such services under express or implied contract. Contractual services includes travel; freight; express; parcel post; postage; telephone; telegraph; utilities; rents; repairs, alterations, and maintenance of buildings, equipment, streets, and bridges, and other physical facilities of the town; and other services performed for the town by persons not in the employment of the town.
F. Applicability To Public Trusts:
1. For all public trusts created under 60 Oklahoma Statutes sections 176 through 180, for which the town is beneficiary and for which the trust's board of trustees is comprised entirely of members of the town's board of trustees, this section and section 7-104 of this chapter shall apply.
2. For the purposes of public trusts as mentioned above, "town clerk" shall mean trust secretary as defined by the trust indenture. (Ord. 2010-4, 11-16-2010)