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approved and signed by the responsible city officer who vouches for its correctness and <br />reasonableness. <br /> <br />Section 7.8. Alterations in the Budget. After the budget resolution has been adopted, the <br />council shall not increase the amounts fixed in the resolution beyond the estimated funds available <br />except to the extent that actual receipts exceed the estZmated funds available. At anytime the council <br />may, by resolution approved by a 4/5 vote of its members, reduce the sums appropriated for any <br />purpose by the budget resolution, or authorize the transfer of sums from unencumbered balances <br />of appropriations in the budget resolution to other purposes. <br /> <br />Section 7.9. Funds. There shall be maintained in the city treasury a general fund and such <br />other funds as may be requ/red by state statutes or ordinance. The council shall, by ordinance, <br />create and abolish funds and shall define which funds are eligible for interfund loans. The council <br />may, by resolution, make inteffund loans as it may deem necessary and appropriate. <br /> <br />Section 7.10. City Indebtedness. <br /> <br />7.10.1. Except as provided in sections 7.11. and 7.12., no obligation shall be issued to <br />pay current expenses, but the council may issue and sell obligations for any other municipal <br />purpose in accordance with state statutes and within the limitations prescribed by law. <br />Except in the case of obligations for which an election is not required by this charter or state <br />statutes, no such obligations shall be issued and sold without the approval of the majority <br />of the voters voting on the question at a general or Special election. <br /> <br />7.10.2. A description of each such proposed issue shall be published in the city <br />newsletter, but failure to publish such description, or any defect in the description, shall not <br /> <br />17 <br /> <br /> <br />