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No disbursement of city funds shall be made except by check signed by authorized persons and specifying the purposes for which the disbursement is made and the fund from which it is drawn. No such check shall be issued until there is money to the credit of the fund from which it is to be paid sufficient to pay it together with all outstanding encumbrances upon the fund. No such check shall be issued until the claim to which it relates has been supported by an itemized bill, payroll, or time-sheet approved and signed by the responsible city officer who vouches for its correctness and reasonableness. The particular fund out of which payment is to be paid shall be noted on each contract requiring the payment of money by the city. The council may by ordinance make further regulations for the safekeeping and disbursement of the funds of the city.
(Ord. 556, passed 6-27-2016)
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.
Except as provided in sections 7.14 and 7.15, no obligations shall be issued to pay current expenses, but the council may issue and sell obligations for any other municipal purpose in accordance with law and within the limitations prescribed by law. Except in the case of obligations for which an election is not required by this Charter or by state law, no such obligations shall be issued and sold without the approval of the majority of the electors of the city voting on the question at a general or special election.
At any time after January 1 following the making of an annual tax levy, the council may issue certificates of indebtedness in anticipation of the collection of taxes levied for any fund and not yet collected. The total amount of certificates issued against any fund for any year with interest thereon until maturity shall not exceed seventy percent (70%) of the total current taxes for the fund uncollected at the time of issuance. Such certificates shall be issued on such terms and conditions as the council may determine, and shall become due and payable not later than April 1st of the year following issuance. The proceeds of the tax levied for the fund against which tax anticipation certificates are issued and the full faith and credit of the city shall be irrevocably pledged for the redemption of the certificates in the order of their issuance against the fund.
(Ord. 556, passed 6-27-2016)
If in any year the receipts from taxes or other sources should from some unforeseen cause become insufficient for the ordinary expenses of the city or if any calamity or other public emergency should subject the city to the necessity of making extraordinary expenditures, by provisions of section 7.07 or 7.08, the council may by ordinance authorize such expenditures and issue emergency debt certificates to run not to exceed two years. A tax sufficient, to pay principal and interest on such certificates with the margin required by law shall be levied as required by law. The ordinance authorizing an issue of such emergency debt certificates shall state the nature of the emergency and be approved by a majority of the full council. It may be passed as an emergency ordinance.
(Ord. 556, passed 6-27-2016)