The Waterbury Democrat., 1939-08-30
LEGAL ADVERTISING

conditions disclosed in such reports; to conduct detailed inquiries each year into the costs of the govern ment for the two years last past: to ascertain and determine the justification for any departure in the expenditures from the budget estimates; and to make inyestiga- tions of prices, rates of compensa- ton, the necessity for expenditures, and the accounting, auditing, ex- penditure, and revenue-controi pro- cedures of the various departments. TREASURY ADMINISTRATION
 Sec. 106. Receipts to be deposited daily. No receipts from any source shall be held or used or deposited in any personal or special bank &C., count, temporarily or otherwise, by any department or other agency of the city or by any ofacer or em- ployee of the city, to meet expendi- lures or for any other purpose, ex- cept as expressly provided therein. All moneys received by any officer or employee of the city in connec- ton with the business of the city, except as otherwise provided herein, shall be paid, within one business day after receipt, into the treasury by deposit with Repositories desig- mated as provided herein, to the credit of the treasurer. Copies of forms prescribed by the comptroller covering all such deposits shall be lodged with the comptroller and the treasuren
 Sec. 107. Management of City Money. The city treasurer shall be the custodian and diSbursing officer of all moneys for which the city is responsible, except as expressly provided herein. The moneys of the city held by the treasurer shall be divided among active depository accounts, inactive depository &C., counts and investments. The treas urer shall endeavor by transfers of funds between deposits and between deposits and investments to plan and manage the cash resurces of the city so as to secure the highest returns thereon while maintaining sufficient cash on deposit in active accounts subject to immediate withdrawal, to provide for meeting the current needs for cash of the city. Deposits in active and in in- active accounts, respectively, shall be placed with the banks offering the highest rates of interest, to the full amounts receivable at such rates, as listed by the board of finance, in accordance with this act, provided no deposit shall be placed with any bank located out side the city while there is Q bank within the city eligible hereunder to receive any amount of deposits at not more than one-half of one per cent less than the rate offered by such outside bank.
 Sec. 108. Approved Investments. In making investments the treasurer may purchase only interest-bearing United States, state, city county, school district or municipal bonds, of issues approved by the board of finance.
 Sec. 1os. Sale of City Bonds and Notes. The treasurer shall have custody of bonds and notes of the city authorized but unissued and shall provide for their sale under the procedure herein set forth and for their issue in accordance here with.
 BORROWING
 Sec. 110. Purposes for Which Borrowing Authorized. The city may borrow money: (a) For any permanent public work or improve ment. or the acquiraing of any per- manent property, to be used for any purpose within the scope of its powers, when the city council shall determine that the public in- tereSt or necessity demands ex- penditures thereupon, in excess of any special assessments of benefits that 1t may be deemed desirable to levy hereunder, too great to be paid out of the ordinary current re- sources of the city, provided bonds authorized for capital improve n1ents shall be issued only at such times and in such amounts as the proceeds are needed to pay the costs of such improvements; (b), for pay- ing that portion of the cost of any public improvements provided for by special assessments of benefits, when the cash balances of the spe- cial assessments revolving fund are insufficient to provide for such cost as incurred, in anticipation of the collection of such special assess ments levied by not due and pay able; (c) for current expenses of operation and maintenance and capital outlays provided for by ap- propriation from current reSoures, in anticipation of the collection of taxes levied but not due and pay able, and (d) for the relief of the inhabitants of the city or for the preservation of municipal property, in case of great emergency result ing from fire, flood or other calam- ity: the proceeds of any such bor- rowing to be expended under the authority of 8 special appropriation ordinance, amending the annual appropriation ordinance, to which the procedure of allotment and. ac- counting control herein provided shall apply.
 Sec. III. Means of Borrowing. All borrowings authorized herein shall be effected by the issue and sale, ii, the manner provided herein, of bonds or temporary notes pledging the full faith and credit of the city for the payment of the principal and interest thereof when due. In borrowing in anticipation of taxes, temporary notes only shall be used. In borrowing in anticipation of spe- cial assessments, temporary notes shall be used when sufficient re- ceipts are anticipated during the life of such notes to retire them in full with interest, at maturity, and otherwise bonds shall be used. Bor- rowing for the other purposes spe- cified shall be by means of bonds, except that temporary notes may be issued in anticipation of the sale of bonds authorized but not issued, to be paid at maturity, with interest, from the proceeds of sale of suci, bonds.
 Sec. Il2 Limits of Borrowing Power. No bond shall be issued on the credit of the city which will in-