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<br /> I J()f3 LA <br /> Use of Bond Proceeds, Grants, etc. . . The City's policy is to use bond proceeds, grants, revenue sharing or other non-recurring <br /> revenues for capital expenditures only. Such revenues are never to be used to fund City operations. <br /> Budgetary Procedures. . . The City's Home Rule Charter establishes the fiscal year as the twelve-month period begiruúng <br /> October 1. The departments submit to the City Manager a budget of estimated expenditures for the ensuing fiscal year by the <br /> first of June. The City Manager subsequently submits a budget of estimated expenditures and revenues to the City Council by <br /> August I. The City Council shall hold a public hearing on the budget after giving at least 7 days notice of the hearing in the <br /> official newspaper of the City. The Council shall then make any changes in the budget as it deems advisable and shall adopt <br /> a budget prior to September IS. <br /> - During the fiscal year, budgetary control is maintained by the review of departmental appropriation balances with purchase <br /> orders prior to their release to vendors. <br /> Departmental appropriations that have not been expended lapse at the end of the fiscal year. Therefore, funds that were budgeted <br /> and not used by the departments during the fiscal year are not available for their use unless appropriated in the ensuing fiscal <br /> year's budget. <br /> Fund Investments. . . The City's investment policy parallels State law which governs investment of public funds. The City <br /> generally restricts investments to direct obligations of the United States Government and to insured or collateralized bank <br /> certificates of deposits. <br /> Authorized Revenue Bonds <br /> Amount <br /> Date Amount Issued Unissued <br /> Purpose Authorized Authorized To Date Balance <br /> Electric Utility System 7-26-86 $ 17,100,000 $ 16,355,000 $ 745,000 <br /> Waterworks and Sewer System 9-08-90 11,830,000 850,000 10,980,000 <br /> Anticipated Issuance of Revenue Bonds <br /> .. <br /> The City has no plans to issue additional electric utility system revenue bonds in the next fiscal year. <br /> Selected Provisions of the Ordinance <br /> Certain selected provisions of the Ordinance are set forth in Appendix B hereto. <br /> , <br /> 17 <br />