On or about the first Monday in June of each year, or at such
other time as the board of commissioners may require, the city manager
shall file with the secretary of the board, a careful estimate in
writing, of the amount required for the business and proper conduct
of the city during the next ensuing fiscal year, specifying same,
and the objects thereof, in detail. On the third Monday in June in
each year, or at such other time as the board of commissioners by
ordinance may require, the city manager shall submit to the board
of commissioners an estimate in detail of the probable expenditures
of the city government for the next ensuing year, including amount
needed to meet interest and sinking funds for outstanding bonded indebtedness.
The board of commissioners shall thereupon prepare a budget
comprising all such estimated amounts found necessary to pay the probable
expenditures of the city for the next ensuing fiscal year, and shall,
on or before the first Tuesday in July of each year, certify said
amount to the Excise Board of Payne County as the basis for the "city
levy" for the said city for that fiscal year. Provided that said estimate
shall also include the necessary amount to create a sinking fund to
be used; First, for the payment of interest coupons as they fall due;
Second, for the payment of bonds as they fall due; Third, for the
payment of such parts of judgments as such municipality may, by law,
be required to pay.
The board of commissioners may by unanimous vote of the membership
thereof, exempt from municipal taxation for a period not to exceed
five (5) years, manufacturing establishments which may hereafter locate
and build in the City of Cushing, or that may be brought into the
city by change of the boundaries of the city.
