In the event that a bond issue is to be used in connection with the improvements contemplated herein, the issue must be approved as provided by state law. It is further agreed that all street, police and utility expenses, not including capital improvements, in connection with the operation of the park system therefor shall be part of the city’s General Expense Fund. All records in connection with the operation of the Park Board shall be kept by the Secretary-Treasurer separately from the city’s accounts. Quarterly reports of the operation of the Board shall be submitted to the Council for approval.