CHAPTER 12
FINANCES; FUNDS

SECTION:

1-12-1: Insurance

1-12-2: Capital Improvement Fund

1-12-3: Vehicle And Equipment Replacement Fund

1-12-4: Collection Agencies Authorized

1-12-5: Definitions

1-12-6: Purchasing Policies Of The City

1-12-7: Encumbrance Of Funds

1-12-8: Prohibition Of Interest

1-12-9: Competitive Process Required

1-12-10: Procurement, Exceptions And Surplus Assets

1-12-11: Bidding Procedures

1-12-12: City Administrator Authority

1-12-13: Emergency Purchases

1-12-1: INSURANCE:

   A.   Property: The city council may insure city property, as authorized by Oklahoma Statutes. Any money received as a result of destruction, damages or loss of such insured property shall be accounted for, and used, as provided by said statutes.

   B.   Persons; Vehicle Operation: The city council may purchase insurance to pay damages to persons sustaining injuries or damages to property as a result of negligent operation of motor vehicles or motorized equipment of the city. (1985 Code § 1-66)

1-12-2: CAPITAL IMPROVEMENT FUND:

   A.   Statute Authority: In accordance with 11 Oklahoma Statutes section 17-109, there is hereby created the Marlow capital improvement fund for the city.

   B.   Definition: "Capital improvement" shall mean all items and articles, either new or replacements not consumed with use but only diminished in value with prolonged use, including, but not limited to: roads and streets; drainage improvements; water, electrical and sewerage improvements; machinery; equipment; furniture and fixtures; all real property; all construction or reconstruction of buildings, appurtenances and improvements to real property; engineering, architectural or legal fees; and payment for improvements for which subsequent reimbursement is made from the capital improvement fund.

   C.   Funding: Contributions to the capital improvement fund (CIF) shall be made as follows: (Ord. 299, 6-20-1987)

      1.   Any special or extraordinary monies received by the city or the Marlow municipal authority upon approval of the city administrator, with report of such contribution to the city council; and

      2.   Any other monies received, on deposit or available to the city upon approval of the city administrator.

   D.   Account Established: The CIF shall be placed in an insured interest bearing account. (Ord. 299, 6-30-1987; amd. 2004 Code)

   E.   Claims Approval: No funds may be appropriated or expended from the CIF account in the absence of a recorded vote by the city council and until claims duly verified by affidavit are presented and approved by the city council. (Ord. 299, 6-30-1987)