SECTION 7.03. ACCOUNTING.

   The Director of Finance shall establish and maintain a system of accounting which shall show at all times not only the cash position of the City, by funds, but also the revenue and income anticipated and the encumbrances, and their records shall be public and available to Council at all times.

   No City official or employee shall have authority to create an obligation against the City by oral agreement. Purchases shall be made by written purchase order, signed by the purchasing agent.

   No purchase order or contract shall be valid as an obligation of the City unless it bears a certificate, signed by the Director of Finance, indicating that the estimated amount thereof has been entered as an encumbrance in the City accounts against an allotment based on an appropriation and that the money to pay it is on hand or is in the process of collection. The provisions of general law shall be applicable to such certificate.