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Home My Public Portal About1978_02_22_O004ORDINANCE NO. AN ORDINANCE: TOWN OF LEESBURG IN LOUDOUN COUNTY, VIRGINIA 78-0-4 PRESENTED February 22~ 1978 AMENDED February 22, 1978 ADOPTED February 22~ 1978 AMENDING CHAPTER 2, ADMINISTRATION, AND REPEALING SECTIONS 2-1 AND 2-2 OF THE TOWN CODE ORDAINED by the Council of the Town of Leesburg, Virginia, as follows: SECTION I. Chapter 2 of the Town Code is hereby amended by adding a new article to be known as Article VI, Department of Fi- nance, to read as follows: ARTICLE VI. DEPARTMENT OF FINANCE Sec. 2-80. Department of Finance created. A Town Department of Finance is hereby created. Sec. 2-81. Director of Finance. The Department of Finance shall be under the direction of the director of finance, referred to as "director" in this Article, who shall perform duties as set forth in this Code, as directed by the manager, and as follows: (a) Keep in proper books a full and accurate record of all monies received and disbursed on behalf of the town and of all monies due to and from the town upon contracts and order~ upon which the town is obligated and otherwise; (b) Receive and have custody of all monies paid to the town and disburse all town monies in accordance with law; (c) Render a monthly report to council and the manager reflecting the financial condition of the town, showing monthly receipts, expenditures and outstanding balances of all funds; (d) Certify that funds are available according to law to pay monies provided by all contracts, agreements or other obligations for the expenditure of town funds; no such con- tract, agreement or other obligation shall be valid until so certified. (e) Make payment of the interest and principal on the bonded debt when due and keep accurate records of such debts and of such payments thereon; (f) Prepare the town payrolls; (g) Enter into agreements with legal depositories for the deposit of all funds of the town with such depositories, rent safety deposit boxes or otherwise provide for the safe- keeping of securities and other documents for payment of money to the town and maintain custody of all documents evidencing investments of the town; (h) Prepare and submit such reports as may be required by law; (i) Assist the manager in the preparation of the annual budge~)~- Be bonded by a fidelity bond as the council deems necespa~y; (k) Perform other duties related to the financial affairs of the town as required by the manager. Sec. 2-82~' Contracts and Purchase Orders. Unless ~therwise permitted by law, every undertaking in- volving the expenditure of town money shall be in writing, in the form of a purchase order or of a contract, as may be ap- propriate. The director of finance shall attach to each contract a certificate signed by him, that the estimated amount of money required to meet the obligation of the town by such contract has been lawfully appropriated and in the treasury or is in the process of collection to the credit of the fund involved, free from any prior encumbrance. In the case of a contract to continue beyond any current year and to involve expenditures of money in future years, the director of finance need only certify as to the money estimated to be paid thereunder dur- ing the current year. Sec. 2-83. Payment of Funds and Execution of Checks. (a) The director shall require invoices be submitted to him, with written certificate thereon by the head of the de- partment or division of the town concerned, to the effect that the goods or services for which the invoice is rendered have been delivered or performed in the manner, quantity and quali- ty specified, prior to the issuance of the town check in pay- ment thereof, whereupon the check shall be promptly issued in payment. (b) Payrolls shall be submitted to the manager for ap- proval, when prepared by the director, and, upon the manager's approval thereof, the director shall issue checks in payment thereof when due. It shall not be necessary for the director to encumber in advance or to certify as to the availability of funds appropriated for personal services, except those ob- tained on a contractual basis, provided that upon issuance of such checks the director shall immediately cause the appro- priate funds to be encumbered to the extent of the drafts is- sued. (c) Prior to the making of partial or final payments on contracts, the manager shall certify that the contract for 3 which payment is to be made has been complied with. In the case of partial payments, such payments shall be made on es- timates of the amount and value of the work accomplished and material furnished; the certificates or estimates shall show the amount and value of all the work accomplished and material furnished and the amount of money paid on previous estimates or certificates. Only the difference in value between the latest estimate and amounts paid on previous estimates, less any money retained as guarantees or for other valid reasons, shall be paid as a partial payment, except in the case of a final payment. Upon receiving such certificates, estimates or invoices, properly certified, the director shall then is- sue checks in payment. (d) All payroll checks drawn against the town shall be signed singularly by either the manager or by the director. All checks drawn against any account of the town, except pay- roll checks, shall be signed by any two of the following offi- cers, namely, the manager, the assistant to the manager, the director of finance and clerk of the council. (e) Town funds shall not be disbursed except pursuant to appropriations made for the purpose. Sec. 2-84. Investment of Idle Funds. (a) The director, whenever there are monies in the treas- ury which will not be required to be used, may invest such funds in secured interest bearing bank or savings and loan association deposits, obligations of the town and bonds or other obligations of the United States. Such investments shall not be made at a price in excess of the current market value of such bonds or obligations. Such bonds or other ob- ligations may be sold by the director for cash and for a sum not less than their purchase price. The director shall main- tain a record of such investment transactions. The director shall make such investments so as to provide the maximum yield on such idle funds. Investment securities may be placed in the custody of any member of the Federal Reserve Banking Sys- tem upon the issuance by such member of its custodian or other bailment receipt to the director. Such securities, if not so kept, shall be in the custody of the director. Interest col- lected or accrued on any monies so invested shall be credited to the fund from which the principal was taken. (b) The director shall invest cash performance and main- tenance bonds of $1,000 or more, received in lieu of corporate surety bonds, in federally insured and properly secured bank or savings and loan association interest bearing deposits. Banks and savings and loan associations located in town shall be given an opportunity to bid for such deposits which are to be awarded by the director to the financial institution offering the highest yield. Interest earned on the deposits shall be paid upon release of the bond to the person posting 4 the bond. Cash performance and maintenance bonds of less than $1,000 shall be deposited and retained without interest in the escrow account established for the purpose by the director until release. Sec. 2-85. Revenue Sharing Fund. There is hereby established in the accounts of the town a trust fund to be known as the "Revenue Sharing Fund". Ail monies paid to the town under the state and local Fiscal Assistance Act of 1972 shall be credited to said fund and expended in accordance with the terms and provisions of said Federal Act. Sec. 2-86. Annual Audit. There shall be an annual audit of the financial and ad- ministrative affairs of the town, by a qualified and competent certified public accountant, retained by Council. SECTION II. Sections 2~1 and 2-2 of the Town Code are hereby repealed. SECTION III. An emergency exists and this ordinance shall be in effect from its passage. PASSED this 22nd day of February , 1978. ATTEST: Mary Ahne Newman, Mayor Town of Leesburg Clerk of ~ncil