FridleyChapter7CharterLanguage_20210713

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Fridley City Charter Chapter 7 Section 7.13 01/22/2018 Section 7.10. FUNDS TO BE KEPT. There shall be maintained by the finance director a classification of funds which shall provide for a general fund and funds required by law, ordinance or resolution and meet generally accepted accounting standards and procedures. The Council may, by resolution, make interfund loans where permitted by law except from funds held by the City as a trustee or custodian or in the capacity of an agent. (Ref 1352) Section 7.11. ACCOUNTS AND REPORTS. The accounts of the City shall be maintained in accordance with generally accepted governmental accounting standards and procedures. The city manager shall submit such reports as will be necessary in order to keep the Council fully informed of the financial conditions of the City. Once a year in accordance with Minnesota state law, the city manager shall submit a complete financial report of the City, for the preceding fiscal year. This report shall contain audited financial statements and disclosures which present the City’s financial position. A summary of the report shall be published in the official newspaper in a format consistent with the Minnesota State Auditor requirements. (Ref. Ord. 625, Ord. 857, 1352) Section 7.12. INDEBTEDNESS. 1. In addition to all the powers in respect to borrowing and the issuance of bonds and other obligations for the payment of money specifically or impliedly granted by this Charter, and any amendments thereto, the City shall have all the powers in reference to these subject matters granted to cities of its same class by Minnesota state law. (Ref 1352) 2. The Council by a vote of at least four (4) of its members may authorize the issuance of bonds to provide funds for any public purpose not prohibited by law. The City Council may at its discretion, by a majority vote of all of its members, submit to the electorate propositions for the issuance of such bonds. When such a proposition is submitted to the electorate, no bonds or other term obligations of the City may be issued except pursuant to a favorable vote of a majority of those voting on the proposition of their issuance. (Ref 1352) Section 7.13. TAX ANTICIPATION CERTIFICATES. In a manner consistent with Minnesota state law, at any time after January 1, following the making of an annual tax levy, the council may issue certificates of indebtedness in anticipation of the collection of taxes levied for any fund and not yet collected. The total amount of the certificates issued against any fund for any year with interest thereon until maturity shall not exceed ninety percent (90%) of the total current taxes for the fund uncollected at the time of the issuance. Such certificates shall be issued on such terms and conditions as the Council may determine but they shall become due and payable not later than the 1st day of April of the year following their issuance. The proceeds of the tax levied for the fund against which tax anticipation certificates are issued and the full faith and credit of the City shall be irrevocably pledged for the redemption of the certificates in the order of their issuance against the fund. (Ref 1352)