Sec. 12. Investment of city funds.

   (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.

Sec. 13. Disposition of unexpended budget balances.

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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Sec. 14. Counter-signature of warrants, checks.

The mayor and council shall, by proper ordinance, provide for the safeguarding of monies, funds and deposits by counter-signatures on warrants and checks, in such manner as they may deem such action necessary.

Sec. 15. Annual independent audit required.

The mayor and council shall annually have made an audit of the books and accounts of the city by a competent public accountant, not connected with the administration of city affairs.