Agenda - Council - 02/22/1994 - Laserfiche WebLink

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7.8. Alteratic as to the Budget. After the budget resolution has been adopted, the Council shall not increase the amounts fixed in the resoh~tion beyond the estimated funds available except to the extent that actual receipts exceed the estima[ed funds available, At anytime the Council may, by resolution approved by a 4/5 vote of its memb~ rs, reduce the sums appropriated for any purpose by the budget resolution, or authorize the tr~sfer of sums from unencumbered balances of appropriations in the budget resolution to othe~f purposes. 7.9. Funds. ; There shrill be maintained in the City treasury a general fund and such other funds as may be required by ~tate statutes, resolution or ordinance. The Council shall, by resolution or ordinance, create~.-and abolish funds and shall define which funds are eligible for inteffund loans as it may deem necessary and appropriate. 7.10. City In~lebtedness. ?.10.1. ~.xcept as provided in sections 7.11. and 7.12., no obligation shall be issued to pay current exf ~nses, but the council may issue and sell obligations for any other municipal purpose in accord:lance with state statutes and within the limitations prescribed by law. Except in the case of oblig~tion.~ for which an election is not reqtfized by this charter or state statutes, no such obligation shall ~be issued and sold without the approval of the majority of the voters voting on the question at a gefieral or special election. 7.10.2. iA description of each such proposed issue shall be published in the City newsletter, but failure to publish such description, or any defect in the description, shall not invalidate the is., Ue. However, corrections shall be published at the earliest practical time. 7.11. Tax A.~iticipation Certificates. At any0: ae after January 1, the Council may issue tax anticipation certificates in anticipation of state and fed~ ral aids and the collection of taxes levied the previous year for any fund and not yet collected. The total amount of certificates issued against any fund for any year together with interest thereon~until maturity shall not exceed 90% of the total state and federal aids and current taxes due to thd. fund and uncollected at the rime of issuance. Such certificates shall be issued on such terms and ~onditions as the council may determine, but they shall be come due no later than April 1 of the Fear following their issuance. The proceeds of the tax levied and such state or federal a.ids as l~e governing body may have allocated for the fund against which tax anticipation certificates are issued, and the full faith and credit of the City shall be irrevocably pledged for the redemption of ~e certificates. 7.12. Emerg racy Debt Certificates. ' 7.12.1. If in any year the receipt from taxes or other sources, should for some unforeseen cau ~e, become insufficient for the ordinary expenses of the City, or if any calamity or other public e~ergency necessitates the malting of extraordinary expendim.res, the Council may by ordinance iss~, on such terms and in such manner as the Council determines, emergency debt certificates to r~un not in excess of three years. A tax sufficient to pay principal and interest on such certificates w'i~ the margin required by law shall be levied as required by la.w. The ordinance authorizing th~ issue of the emergency debt certificates shall state the nature of the emergency and be approved b~ at least four members of the Council. It may be passed by emergency ordinance as defined in sec~on 3.6. except that the ordinance shall be enacted by a 4/5 vote of the Council.