Page 459 - Southlake FY23 Budget

APPEnDIx

FInAnCIAL POLICIES

be incontestable and all bonds issued to refund in exchange for outstanding bonds previously issued shall and after
said exchange, be incontestable.

9.34. Borrowing in Anticipation of Property Tax.

In any budget year, the Council may, by resolution, authorize the borrowing of money in anticipation of the collection
of the property tax for the same year whether levied or to be levied. Notes may be issued for periods not exceeding
one (1) year and must be retired by the end of the budget year in which issued.

9.35. Use of Bond Funds.

Any and all bond funds approved by a vote of the citizens of Southlake will be expended only for the purposes stated
in the bond issue.

9.36. Certificates of Obligation.

All certificates of obligation issued by the City shall be approved by ordinance and issued in accordance with the laws
of the State of Texas.

9.37. Sale of Bonds.

No bonds issued by the City shall be invalid because they are sold for less than par value and accrued interest. The
Council shall have the right to reject any or all bids.

D.

ADMINISTRATION OF BUDGET

9.40. Payments and Obligations Prohibited.

No payment shall be made or obligation incurred against any allotment or appropriation except in accordance with
appropriations duly made and unless the City Manager or the City Manager’s designee first certifies that there is
a sufficient unencumbered balance in such allotment or appropriations and that sufficient funds therefrom are or
will be available to cover the claim or meet the obligation when it becomes due and payable. Any authorization or
payment or incurring of obligation in violation of the provisions of this Charter shall be cause for removal of any
officer who knowingly authorized or made such payment or incurred such obligations, and said officer shall also be
liable to the City for any amount so paid. However, this prohibition shall not be construed to prevent the making
or authorizing of payments or making of contracts for capital improvements to be financed wholly or partly by the
issuance of bonds, time warrants, certificates of indebtedness, or certificates of obligation, or to prevent the making
of any contract or lease providing for payments beyond the end of the fiscal year, provided that such action is made
or approved by ordinance.

9.41. Financial Reports.

The City Manager shall submit to the Council at its second formal meeting each month the financial condition of
the City budget items and budget estimates versus accruals for the preceding month and for the fiscal year to date.
Such records are to be made public by the Council during open meeting. The financial records of the City will be
maintained in accordance with accepted principles recommended by the American Institute of Certified Public
Accountants and by the National Steering Committee on Governmental Accounting.

458 FY 2023 City of Southlake | BUDGET BOOK
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