| Function | As delineated in the City Charter, the Board of Finance has the following responsibilities: 1. Authorizes and issues certificates of indebtedness of the City and determines all matters pertaining to the issuance and sale of certificates of indebtedness. 2. Selects all depositories for City Funds. 3. Fixes the nature, amount, and the proper custodian of the security to be given by any such institution(s) for the faithful performance of its obligations for deposits or collections. 4. The Board is the only body that has the authority to issue temporary loans consistent with the Charter and is empowered to authorize the issue of negotiable, or non-negotiable, obligations of the City, including promissory notes. 5. The Board reviews the six year capital improvement program and first year capital budget as recommended by the Planning Commission and reports its recommendations to the Board of Estimates. 6. Oversees all City trust accounts 7. Reviews all City investments and other matters related to debt. 8. Designates a clerk to the Board who shall keep its accounts and a record of its proceedings. |
