ARTICLE 1.200 FINANCE

The fiscal year for the city shall begin on the 1st day of October of the calendar year 1969 and shall terminate on the 30^th day of September of the next succeeding calendar year.

The fiscal year hereby fixed for the first year of incorporation may be changed to some other date by succeeding governing bodies by the adoption of an ordinance making the change.

The city shall designate a bank account entitled “Debt Service and Interest” which will be account for in a separate fund entitled “Debt Service Fund.”

The bank account entitled “Debt Service and Interest” will be the restricted depository for interest and sinking fund used to pay the principal and interest of the city, outstanding bond indebtedness and other general fund loan indebtedness.

The bank account entitled “Debt Service and Interest” shall be the account for financial transactions involving outstanding bond and other general fund loan indebtedness activity. The account balance will at all times equal the current payment requirements. The funds for the account will be provided by the allocated property tax debt ratio percentage (I&O) of the city’s total property taxes billed and collected each year. The debt ratio percentage shall be calculated annually based on the amount of debt service needed.