A. The City shall establish an accounting system that follows generally accepted accounting principles as set forth by the Governmental Accounting Standards Board.

B. The Council may cause City monies to be deposited or invested in any depository or other investment so long as such deposit or investment is not contrary to the laws of the State.

C. Whenever there shall not be sufficient monies, in any of the interest funds for the bonded indebtedness of the City to pay the interest on such bonded indebtedness when due, the Council shall direct the transfer from the general or other fund having monies therein to such interest funds the necessary amounts of money to pay the interest on said bonded indebtedness, and the amount so transferred shall be returned to the respective funds from which such transfer was made whenever sufficient monies shall accrue in said bonded indebtedness funds, from the regular tax levied therefore.