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SECTION 12.04 CODIFICATION OF ORDINANCES.
   The City Commission shall provide for the preparation of a general codification of all applicable City ordinances and resolutions having the force and effect of law. This compilation shall be known and cited officially as the City of Lake Mary Code of Ordinances.
(Amendment approved by voters 11-4-92; amendment approved by voters 1-31-12)
ARTICLE XIII: FINANCIAL PROCEDURES
SECTION 13.01 FISCAL YEAR.
   The fiscal year of the City shall be as established by State law.
(Amendment approved by voters 9-1-87; amendment approved by voters 11-4-92; amendment approved by voters 1-31-12)
SECTION 13.02 SUBMISSION OF BUDGET AND BUDGET MESSAGE.
   On or before the last day of July of each year, the City Manager shall submit to the Commission a budget both in fiscal terms and in terms of the programs of work to be accomplished. It shall outline the proposed financial policies of the City for the ensuing fiscal year, describe the important features of the proposed budget, indicate any major changes from the current year in financial policy including any changes in budgetary accounting methods from the current year expenditures and revenues together with the reasons for such changes; summarize the City's debt position and include such other material as the City Manager deems necessary.
(Amendment approved by voters 9-1-87; amendment approved by voters 11-4-92)
SECTION 13.03 COMMISSION ACTION ON BUDGET.
   1.   Notice and hearing shall be as provided by state law.
   2.   Unless authorized by the electors of the City at a duly held referendum election, the City Commission shall not authorize or allow to be authorized, the issuance of revenue bonds or enter into lease purchase contracts or any other unfunded multi-year contracts for the purchase of real property or the construction of any capital improvement, the repayment of which extends beyond the end of any fiscal year. (Approved by the voters of the City of Lake Mary at the Election held on Nov. 5, 1991)
   3.   Water and Sewer Enterprise Fund. In order to meet a public emergency affecting the safety, health and welfare of the citizens, to meet regulatory conditions imposed, or to avoid a financial loss to the utility and where the requirements cannot be met through the prudent use of existing reserves, by the affirmative vote of three members of the Commission the City may, by ordinance, incur debt in the Water and Sewer Enterprise Fund. The debt must be used within the water and sewer enterprise fund and must be retired from revenues derived from the sale of water and sewer services. The maturity of the debt shall not exceed 80% of the expected useful life of the assets purchased. This paragraph supersedes limitations provided for on the issuance of debt provided for on the issuance of debt provided elsewhere in this Charter.
(Amendment approved by voters 9-1-87; amendment approved by voters 11-8-88; amendment approved by voters 11-4-92; amendment approved by voters 1-31-12)
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