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A. At least quarterly, the board shall review monthly statements of income and expenses which compare budgeted expenditures to actual expenditures. Boards of public corporations with annual operating budgets in excess of $1,000,000 shall also review, at least quarterly, balance sheets and statements of changes in their financial position for the previous three months. Boards shall review all such information at regular meetings, the minutes of which shall specifically note such reviews and include such information.

B. General or particular authorization or review and concurrence of the board by resolution shall be necessary for any of the following transactions:

1. Transfer or conveyance of an interest in real estate, other than release of a lien or satisfaction of a mortgage after payment has been received, or the execution of a lease for a current term less than one year;

2. The contracting of debts, issuances of notes, debentures, or bonds, and the mortgaging or pledging of corporate assets to secure the same;

3. The donation of money, property or other assets belonging to the public corporation;

4. An action by the public corporation as a surety or guarantor;

5. All capital expenditures in excess of $10,000, and all other transactions in which: (a) the consideration exchanged or received by the public corporation exceeds the greater of one percent of the previous year’s operating budget or $10,000; (b) the performance by the public corporation shall extend over a period of one year from the date of execution of an agreement therefor; or (c) the public corporation assumes duties to the city, the state, the United States or other governmental entity;

6. Any project or activity outside the limits of the city;

7. Adoption of an annual budget and a separate capital budget;

8. Certification of annual reports and statements to be filed with the city finance director as true and correct in the opinion of the board and of its members except as noted;

9. Proposed amendments to the charter and bylaws; and

10. Such other transactions, duties, and responsibilities as the charter shall repose in the board or require board participation by resolution. [Ord. 9478, 1985].