The Mayor subject to any regulations which the Commission may prescribe, shall contract for and purchase, or issue purchase authorizations for, all supplies, materials, and equipment for the officers, departments and agencies of the city government. Every such contract or purchase exceeding an amount to be established by ordinance, shall require the prior approval of the Commission. The Mayor also may transfer to or between offices, departments or agencies, or sell, surplus or obsolete supplies, materials and equipment, subject to such regulations as the Commission shall prescribe.
Before the purchase of, or contract for, any supplies, materials or equipment, or the sale of any surplus or obsolete supplies, materials or equipment, ample opportunity for competitive bidding, under such regulations and with such regulations and with such exceptions, as the Commission may prescribe, shall be given; but the Commission shall not except a particular contract, purchase or sale from the requirement of competitive bidding. The Commission by ordinance may transfer some or all of the power granted to the Mayor by this section to an administrative officer appointed by the Mayor and confirmed by the Commission.
The sale or lease of any city property, real or personal or the sale or disposal of any interest therein, the value of which property, lease, or interest is more than $10,000 shall be made only:
1. 
By authority of an ordinance approved or enacted at an election by an affirmative vote of a majority of the qualified electors of the city who vote on the question of approving or enacting the ordinance (the ordinance being submitted to the electors by the Commission or by initiative of the electors); or
2. 
By authority of a non-emergency ordinance passed by the Commission which shall be published in full in a newspaper authorized by law to publish legal publications within 10 days after its passage, and which shall include a section reading substantially as follows:
"Section_____. If one or more referendum petitions with signatures are properly filed within 30 days after passage and publication of this ordinance, this ordinance shall not go into effect until the petition or petitions are finally found to be illegal and or insufficient, or, if any such petition is found legal and sufficient, until the ordinance is approved at an election by a majority of qualified electors voting on the question. If no referendum petition with signatures is filed, this ordinance shall go into effect 30 days after its passage and publication."
Public improvements may be made by the city government itself or by contract. The Commission shall award all contracts for such improvements; provided that the Commission may authorize the Mayor to award such contracts not exceeding an amount to be determined by the Commission and subject to such contracts not exceeding an amount to be determined by the Commission and subject to such regulations as the Commission may prescribe. Every contract for public improvements of more than $7,500 shall be awarded to the lowest and best responsible bidder after such notice and opportunity for competitive bidding as the Commission may prescribe. Bids received by the Commission shall remain on file in the office of the City Clerk and open for the contract. All bids may be rejected and further notice and opportunity for competitive bidding may be given.
[Amended at election on March 19, 1996]
The fiscal years of the city government shall begin on the first day of January and shall end on the last day of December of every calendar year.
[Amended at election on March 19, 1996]
The Commission shall designate a certified public accountant or accountants to be duly licensed as such by the State of Oklahoma, who shall make an independent audit of the accounts and evidence of financial transactions of the financial department of the city, and of all departments, offices and agencies keeping separate or subordinate accounts or making financial transactions, as of the end of every fiscal year, and who shall report to the Commission and Mayor. A quarterly financial report of income and expenditures shall be made and published in a newspaper of the City of Weatherford, not less than 30 days following the end of each quarterly period.