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Page 35 of 45 ATTY/CHARTER AMENDMENTS/2018/2018 DRAFT CHARTER AMENDMENTS REV: 06-25-18 VR Section 61. GENERAL RESERVE ACCOUNT: The Council shall maintain a permanent revolving account, to be known as the General Reserve Account, for the purpose of keeping the payment of the running expenses of the cCity on a cash basis. Said account shall be maintained in an amount sufficient to meet all legal demands against the treasury for the first four months or other necessary period of each fiscal year prior to the collection of taxes. The cCouncil shall have power to transfer from the General Reserve Account to any other account or fund such sum or sums as may be required for the purpose of placing such account or fund, as nearly as possible, on a cash basis. It shall be the duty of the cCouncil to provide that all moneys so transferred from the General Reserve Account be returned thereto on or before the end of the fiscal year in which said transfers are made; provided, that in any fiscal year in which the total balance in said General Reserve Account exceeds thirty percent of the total amount of the General Budget for that year, the cCouncil may appropriate such excess for any cCity purpose without returning the same. Section 62. SURPLUS RETURNED TO GENERAL FUND: At the close of each fiscal year, if all demands against each fund have been paid or satisfied, and all disputed or contested demands fully determined, the cCouncil shall direct the aAuditor to transfer all surplus moneys to the general fund, except such surplus moneys as may be in the several interest and sinking funds and in such other funds the disposition of whose surplus moneys is otherwise provided for. (As amended March 4, 1975; certified by Secretary of State March 20, 1975.) Section 63 deleted April 9, 1968, approved by Legislature April 29, 1968, Stats. 1968, Chapter 76. Section 64 deleted April 9, 1968, approved by Legislature April 29, 1968, Stats. 1968, Chapter 76. Section 65. BORROWING MONEY BY THE CITY: The cCity may borrow money for any municipal purposes by the issue and sale of bonds authorized by ordinance pledging the credit of the cCity or the property or revenue of any public utility owned by the cCity. Every ordinance authorizing a bond issue, except ordinances authorizing such bond issues as are specified in Section 66 of this Charter, shall be passed only by a two-thirds majority vote of the electors voting thereon at a regular or special election. No bond shall be issued on the credit of the cCity which will increase the bonded indebtedness thereof beyond fifteen per cent (15%) of the assessed valuation of property in the cCity subject to direct taxation as shown by the last preceding valuation for cCity taxes; but bonds issued for the construction, acquisition, extension, or improvement of any income-producing utility owned by the cCity shall be deemed to increase the bonded indebtedness of the cCity only to the extent that such utility is not self-supporting. Every issue of bonds shall be payable within a term of years not to exceed the estimated period of usefulness of the property or improvement for which issued, and in no case to exceed thirty-five (35) years. 8.A. - Page 43