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Subd. 1. There shall be maintained in the city treasury a general fund for the payment of such expenses as the council may deem proper. Into this fund shall be paid all moneys levied for this fund and all moneys not required to be placed in some other fund.
Subd. 2. There shall also be maintained in the city treasury such other funds, or division of funds, as the budget shall require or the council shall direct. There shall also be maintained in the city treasury such other funds or division of funds as are required by law, ordinance or resolution.