The Council will at all times retain control over the financial
affairs of the City, administrative details of which shall be a part
of the Administrative Code. The Council shall provide in the Administrative
Code for the publication of an annual statement of the financial affairs
of the City. The fiscal year of the City shall be the same as the
calendar year.
No orders shall be issued upon the City Clerk-Treasurer exceeding
in amount the tax collected or assessed or in the process of collection
and moneys on hand not otherwise appropriated; provided, however,
that the Council shall have the power, if by resolution it deems it
expedient, to issue time warrants for the purpose of replenishing
any fund of the City, but the aggregate amount of such time warrants
shall at no time exceed 1% of the assessed valuation of all property
in the City. No money shall be transferred from one fund to another
except by resolution.
It shall be the duty of the City Clerk-Treasurer to prepare
and submit to the Council at its first regular meeting in August of
each year a detailed estimate of the taxes required to be levied for
all City purposes for the ensuing year, together with a suggested
form of resolution for making such levy, and the Council shall make
such changes as it may deem expedient. Further consideration of such
estimate may be given at any subsequent meeting of the Council prior
to the second day of October, and on or before the first day of October,
the Council shall determine the amount of taxes to be levied and adopt
a tax levy resolution and the City Clerk-Treasurer shall submit the
tax levy to the county auditor not later than the 10th day of October.
No tax shall be invalid by reasons of any informality in the manner
of levying the same or because the amount levied shall exceed the
amount required to be raised for the special purpose for which it
was levied. It shall be the duty of the heads of the various departments
of the City to file with the City Clerk-Treasurer an estimate of the
receipts and disbursements of such department for the ensuing fiscal
year on or before the 15th day of July in each year in order to assist
the Council in determining the amount of taxes to be levied.
A.
No bonds of the City shall be issued whereby its bonded indebtedness
would be made to exceed 15% of the last assessed valuation of the
taxable property therein without regard to the assessed valuation
of money and credits, unless a higher percentage is allowed by the
laws of the State of Minnesota. Any certificates of indebtedness or
bonds issued before or after the adoption of this Charter shall not
be included in or counted as part of such bonded indebtedness if they
are not included in the "net debt" of the City as such net debt is
defined by the laws of the State of Minnesota pertaining to public
indebtedness, or if:
(1)
Held in a sinking fund maintained by the City; or
(2)
Issued for the acquisition, equipment, purchase, construction, maintenance,
extension, enlargement or improvement of any public utilities or any
other public convenience from which a revenue is or may be derived,
owned and operated by the City or the acquisition of property deeded
in connection therewith, or the construction of sewage treatment plants,
public drainage ditches, improvement of streets, parks, construction
of sewers or other public improvements, or the acquisition of lands
for any thereof, if at least 65% of the cost of such improvements
is payable from the proceeds of assessments levied upon property specially
benefited by such improvements; or
(3)
Issued for the creation or maintenance of a permanent improvement
revolving fund; or
(4)
For the purpose of anticipating the collection of general taxes for
the year in which they are issued.
B.
Bonds may be issued by ordinance adopted by a majority vote of all
the Aldermen within the limits prescribed above and the City may issue
certificates of indebtedness or bonds without the approval of the
voters, if such issue be for either the creation or maintenance of
a permanent improvement revolving fund or for the purpose of anticipating
the collection of general taxes for the year in which they are issued
or for the purpose of extending, enlarging or improving water, light,
heat and power plants, or either, owned and operated by the City,
or of acquiring property needed in connection therewith or for the
purpose of constructing a sewage treatment plant or for the purpose
of the improvement of streets by the installation of storm sewers,
paving, surfacing of any kind and the construction of curbs, or for
the purpose of funding floating indebtedness incurred by the City
before the adoption of this Charter, or for any municipal purposes
or improvements in respect of which the City is authorized by any
special or general law to incur indebtedness or issue certificates
of indebtedness or bonds at any time.
