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Section 12 . 04 City Officers not to be Interested in Contracts. City officers taking part in City contracts or authorized to take part in any manner in any City contract must not voluntarily receive a financial benefit or have a personal financial interest in any City contract except as otherwise permitted by State law. Section 12. 05 Official Bonds. The Clerk-Administrator, the City Treasurer and other City officers required by ordinance must be bonded. The' Council will set the amount, form (including individual or blanket) , and other terms of the bond and have the bonds approved by the City attorney. The City will pay the bond premiums and keep the bonds on file. Section 12. 06 Sales of Real Property. The City may dispose of real property only by ordinance. The City must use, as far as possible, the proceeds of any sale of such property to retire any outstanding indebtedness incurred by the City in the purchase, construction, or improvement of this or other property used for the same public purpose. If there is not such outstanding indebtedness, the Council may by resolution designate some other public use for the proceeds. Section 12 . 07 Vacation of Public Property. After a public hearing, the Council may by ordinance vacate any street or alley or other public grounds or part thereof within the City. The Council may prescribe by ordinance further terms and procedures for such vacation. The City must file a notice of completion of such procedure in accordance with law. Section 12. 08 Statutes not Affected by Charter. All general laws and statutes of the state applicable to all cities operating under Home Rule Charters, or applicable to cities of the same class as the City of Mounds View operating under Home Rule Charters, and not inconsistent with the provisions of this Charter, apply to the City of Mounds View and will be construed to be supplementary to the provisions of this Charter'. Section 12. 09 City to Succeed to Rights and Obligations of Former City. The. City succeeds to all property, rights and privileges and is subject to all legal obligations of the City under the former Charter. Section 12 . 10 Existing Ordinances and Resolutions Continued. All ordinances, resolutions and regulations of the city in force when this Charter takes effect, and not inconsistent with the Charter's provisions continue in full force and effect until amended or repealed. Section 12 . 11 Officers to Continue for Present Terms. All elective and appointive officers of the City holding office on the effective date of this Charter are continued in office. [95-1] 19