§ 8.03. General powers and duties of director of finance.

The director of finance, under the supervision of the chief administrative officer, shall have charge of the administration of the financial affairs of the city and to that end he/she shall have authority and shall be responsible for the department of finance in order to discharge the following functions:

(a)

Manage the city's finances in a professionally accountable and responsible manner.

(b)

Provide for regular reporting of the city's financial condition in conformance with generally accepted accounting principles.

(c)

Receive, deposit in legal depositories, maintain custody of and disburse all funds of the city or in the possession of the city, and prudently invest such funds as they are available for investment. The director shall not be liable for any loss sustained of funds so deposited.

(d)

Protect the interests of the city by withholding the payment of any claim or demand by any person, firm or corporation against the city until any indebtedness or other liability due from such person, firm or corporation shall first have been settled and adjusted.

(e)

Administer all debt of the city to include its issue, registration, transfer and retirement or redemption.

(f)

Enforce the provisions of this charter and the ordinances of the city with regard to any financial matters of the city.

(Acts 1950, Ch. 251, § 1; Acts 1975, Ch. 112, § 1; Acts 1982, Ch. 658, § 1; Acts 1988, Ch. 269, § 1; Acts 1989, Ch. 349, § 1; Acts 1990, Ch. 401, § 1; Acts 1998, Ch. 711; Acts 2004, Ch. 877, § 1; Acts 2004, Ch. 898, § 1)

(Acts 1950, Ch. 251, § 1; Acts 1975, Ch. 112, § 1; Acts 1982, Ch. 658, § 1; Acts 1988, Ch. 269, § 1; Acts 1989, Ch. 349, § 1; Acts 1990, Ch. 401, § 1; Acts 1998, Ch. 711; Acts 2004, Ch. 877, § 1; Acts 2004, Ch. 898, § 1)