The Belding banner-news. (Belding, Mich.) 1918-1973, 1918-10-09

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sion.
A ppropr iatiOn Resocution.
Section 4. On or before February
/ of each year, the City Commission
shall take up, consider and pass an
annual appropriation resolution TO
cover the expenditures as determined
by the City Commission.
Receipts.
Section s. All moneys shah be re-
ceived by the City Clerk regardless OF
the source.
Money Not to Be Transferred From
One Fund to Another.
Section 6. All money and taxes,
raised, loaned or appropriated for the
purpose of any particular fund shall
be paid in and credited to such fund
and shall be applied to the purpose
for which such moneys were raised
and received, and to none other Mo-
neys not received or appropriated for
any particular fund shall be credited
to the general fund and moneys be-
longing to one fund shall not be
transferred to any other fund, except
at the close Of the fiscal year. Any
unused balances of appropriation shall
revert into the general fund, except
that no money shall at any time be
transferred from the cemetery trust
and sinking fund to any other fund
Payments.
Section T. Payments by the city
shall be made only upon vouchers
certified to by the head of the appro-
pirate department or other division
of the city government, and by means
of warrants on the City Clerk, issued
by the City Manager and countersign-
ed by the City Mayor.
Accounting.
Section 8. Accounting procedure
shall be devised and maintained for
the city adequate to record in detail
all transactions affecting the acqm-
of values, including cash receipts and
shall be presented periodically to of
fcials and to the public in such sum-
maries and analytical schedules in
detailed support thereof as shall be
necessary to show the full effect of
such transactions for each fiscal year
upon the finances of the city and in
relation TO each department of the
city goternment. including distind1
summaries and schedules for each
public utility owned and operated.
Auditing.
Section g. The commission shall
by ordinance provide for an adequate
annual audit of all books and ac-
counts relating to the finances of the
city by certified public accountant
or other competent authority who
shall render signed report thereof
to the commission.
BONDING
Limit.
Seton /. The bonded indebted
ness of the city shall not at any time
exceed five per cent 90 of the real
and personal property therein ac-
cording to the assessed valuation
thereof, unless such limit shall be
raised or lowered by a three-fifths
(3-53 vote of the electors voting on
the question at regular or special
election.
Vote Required.
Section 2. No bonds of the city
other than emergency bends shall be
issued unless first approved by a
three-ffths (3-5) vote of the electors
voting thereon at a general election
or a special election held for that
purpose, and upon the question of the
issue CT such bonds every woman
having the qualifications % male
electors who has property within the
city assessed for taxes, shall be en-
titled to vote thereon. Provided
however, that bonds outstanding al
the time this charter goes into effect
may be refunded by vote Of the
commission.
Bonds TO Be Issued Serial.y.
Section 3. All bonds of the city
shall be issued serially except as
| 80 rNt.rxriIa1 in fht. cl .a,sfa or
and the term of no bond shall exceed
the estimated life of the improve
ment for which it shall be issued
Provided, that no bond shall run for
longer period than thirty 500
years. Upon the issue of each new
series of bonds the payment of the
same shall be provided for in such
manner that the allotted amount of
principal together with the whole
amount scf interest then due shall
amount to approximately the same
sum each year of the life of the bonds
provided, however, that in case such
allotment shall produce marked in
equalities in amounts when previous
issues of bonds are taken into ac-
count, such amounts may be other
wise distributed so as to secure
equality, but in no case shall this
allotment prolong the life of the bond
beyond the time first determined.
Denomination of Bonds.
Section A. Bonds hereafter issued
by the city may be issued in denom-
nations of twenty-fved ollars ($25)
or multiples thereof. AN bonds
shall be signed by the mayor and
clerk.
Proceeds to Be Used for Purpose for
Which Issued.
Section 5. The proceeds of any
bond issued shall be paid to the city
clerk and credited to the fund for
which they were issued and shall not
be used for any purpose other than
the purpose for which issuen.
Commission May Borrow in Antici-
patton of Assessments.
Section 6. If necessary to meet
the ordinary running expenses of the
city, as provided for in the budget,
the City Commission, by the affirma-
tive vote CT two of it's members, may
anticipate the collection of taxes
\ thar-afor bu loan. ravahl.a NOT LATER