ARTICLE VI. FINANCE

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Section 1. A Treasury shall be created for the Lelu Town

      Government. To control and operate this Lelu Town

      Treasury, an office of the Treasury shall be

      established. 

      (Section 1 amended by Third Lelu Charter Commission)

Section 2. The Mayor shall appoint a Treasurer with the

      advice and consent of two-thirds of the Council. Other

      employees working in the Treasury shall be hired in

      accordance with ordinance. 

Section 3. Taxes and other methods by which the Treasury

      of Lelu Town receive money shall be prescribed by the

      Lelu Town Government. 

      (Section 3 amended by Third Lelu Charter Commission)

Section 4. Any public money received by the Lelu Town

      Government shall be deposited in the Lelu Town

      Treasury. No funds may be withdrawn from the Lelu

      Town Treasury except in accordance with ordinance. 

Section 5. Regular statements accounting for all public

      money received, obligated or expended shall be

      published by the Lelu Town Treasury as prescribed by

      ordinance. 

Section 6. The Council may not appropriate or authorize

      funds in excess of estimated available or projected

      revenues of the Lelu Town Government. An ordinance

      shall be enacted to specify the duration of each

      project for which money is appropriated. 

Section 7. No properties of the Lelu Town Government

      may be removed, transferred or used without

      justifiable reasons for public purposes. 

Section 8. The Mayor shall submit an annual budget to the

      Council no later than June 1 of each year. The budget

      shall be required to have a detailed plan of all

      expenditures and revenues, including an explanation

      of all expected expenditures and revenues. It shall be

      the duty of the Council to approve or disapprove the

      budget. The Council may alter the budget in any

      respect. The budget's expenditures shall be

      prescribed by ordinance. 

Section 9. There shall be an audit of all expenditures of

      the Lelu Town Government as prescribed by

      ordinance. 

Section 10. A public service system for Lelu Municipal

      Government employees shall be established by

      ordinance. 

Section 11. A Financial Management Act shall be

      established by the Lelu Town Government by

      ordinance. 

      (Section 11 amended by Third Lelu Charter Commission)

Section 12. The Lelu Town Government shall impose and

      collect taxes and fees not otherwise limited by the

     Constitutions and laws of the FSM and Kosrae State.

Section 13. Not less than ten percent of the projected

      revenues for each fiscal year shall be earmarked for

      municipal projects.  

      (Sections 12 and 13 were added by the Third Lelu Charter Commission)

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