(a) Each municipal treasurer of this state or the designated representative that has been approved by the governing body shall submit a monthly financial report to the council or board of directors.
(b)
(1) Municipal treasurers shall maintain the accounting records prescribed in this chapter.
(2) (A) (i) If the municipal treasurer does not comply with this chapter or requests that specific duties be assigned to another employee or contracting entity, the governing body of a municipality may assign specific duties outlined in this chapter to another employee, or it may contract for the services to be performed by a private, qualified person or entity.
(ii) (a) (1) Before the governing body of a municipality assigns or contracts with a person or entity for the disbursing of funds, the governing body of a municipality shall establish by ordinance a method that provides for internal accounting controls and documentation for audit and accounting purposes.
(2) The municipal treasurer shall approve the disbursement of funds before the private, qualified person or entity disburses the funds.
(b) The governing body of a municipality shall ensure that the person or entity is adequately insured and bonded and conforms to best practices and standards in the industry.
(B)
(i) The governing body of a municipality may not assign duties relating to the collecting of funds to anyone other than an employee of the municipality.
(ii) The governing body of a municipality may assign or contract with a private, qualified person or entity for the duties relating to the disbursing of funds for payroll, bonded debt, or construction projects funded with bond proceeds.
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