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There shall be exempt from taxation all federal, state, county and municipal property; property of educational, charitable and religious associations and institutions not used or held for profit shall be exempt from taxation.
Public debts, as evidenced by the bonds of Arizona, its counties, municipalities, or other subdivisions, shall be exempt from taxation. There shall further be exempt from taxation the property of widows and others, residents of this city, where by the laws of the state such property is made exempt from the state and county taxation.
All property in the city not exempt under the laws of the United States, the laws of the State of Arizona, under the Charter and ordinances of this city, shall be subject to taxation, to be ascertained as provided by ordinance.
No tax shall be levied except in pursuance of this Charter and the laws of the State of Arizona, and every ordinance imposing a tax shall state distinctly the object of the tax, to which object only it shall be applied.
(Ord. No. 1142, eff. 6-23-48)
The mayor and council shall cause the city's monies, other than sinking funds, to be deposited in any bank or banks in the city designated by said mayor and council, upon sufficient security, of the kind and character mentioned in the following section, to assure the safety of any such deposit or deposits, being given the city therefor by said bank or banks, said security to be approved by the mayor and council.
Said monies shall at all times be deposited in or with any such bank at the best obtainable rate of interest per annum on the daily balance of such deposits, to be computed monthly.
(a) Sinking Funds. All city monies collected or held as sinking funds, and interest thereon, shall be deposited by ordinance or policy of the governing body in those investments as set forth in the Arizona Revised Statutes as being permissible investments for state monies.
(b) Surplus and Idle Funds. All city monies which are surplus funds or idle funds, and interest thereon, shall be invested as provided by ordinance or policy of the governing body in those investments as set forth in the Arizona Revised Statutes as being permissible investments for state monies.
(Ord. No. 4086, § 1, eff. 11-28-73; Ord. No. 7684, § 1, eff. 12-30-91)
Editors Note: Section 12 was amended in its entirety by Ord. No. 7684, adopted Sept. 3, 1991; approved at referendum Nov. 5, 1991; certified by the mayor Nov. 12, 1991; and approved by the governor Dec. 30, 1991.
At the end of each fiscal year any and all amount or amounts, balance or balances, remaining unexpended in any budget, item or items, account or accounts, fund or funds, other than funds for the payment of interest upon or redemption of city bonds, shall no longer be available for expenditure for the purpose or purposes for which budgeted, but shall be and become a part of treasurer's* balance on hand, and shall be deducted from the amount or amounts required to be raised by taxation for the ensuing year.
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* Editors Note: The office of treasurer has been abolished and his functions are now performed by the director of finance under ch. XXIX hereof.
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