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Municipal funds and grants which have been appropriated by the Assembly to institutions and nonprofit organizations for the benefit and welfare of the public shall be controlled by conditions and regulations imposed by the Assembly and shall be subject to financial audit under the direction of the Chief Financial Officer. (Ord. 86-017 § 39, 1986; Ord. 85-001 § 2, 1985. 2004 Code § 3.01.130.)