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§ 338 — Limitation upon power to authorize withdrawal of sums derived from sale of bonds

Memphis Code of Ordinances (Supp. No. 33: codified through Ordinance No. 5959, enacted May 12, 2026) · Memphis Charter, art. 38, § 338

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Sec. 338. - Limitation upon power to authorize withdrawal of sums derived from sale of bonds.

The Comptroller shall have no power to authorize the withdrawal of any sums from funds derived from the sale of bonds except in pursuance to appropriations made by resolution of the Board of Commissioners. But no expenditure shall be made out of any funds derived from the sale of bonds except for the purpose or purposes for which the bonds were authorized to be issued, unless the funds to be expended constitute a surplus over and above the amount necessary for the accomplishment of the purpose or purposes for which the bonds were issued.

(Priv. Acts 1937, ch. 123, § 10; Priv. Acts 1937, ch. 499)