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

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7.11. Tax Anticipation Certificates. At any~nc after January 1, the Council may issue tax anticipation certificates in anticipation of state and federal aids and the collection of taxes levied thc previous year for any fund and not yet collected. The total amount of certificates issued against any fund for an3, year together with interest thereon until maturity shall not exceed 90% of the total state and federal aids and current taxes due to the fund and uncollected at the time of issuance. Such certificates shall be issUed on such terms and conditions as the council may determine, but they shall be come due no later than April 1 of the year following their issuance. The proceeds of the tax levied and such state or federal aids as the governing body ma)' have allocated for the fund agaknst which tax anticipation certificates are issued, and the full faith and credit of the City shall be irrevocably pledged for the redemption of the certificates. 7.12. Emergency Debt Certificates. 7.12.1, If in any year the receipt from taxes or other sources, should for some unforeseen cause, become insufficient for the ordinary expenses of the City, or if any calamity or other public emergency necessitates the making of extraordinary expenditures, the Council may by ordinance issue, on such terms and in such manner as the Council determines, emergency debt certificates to run not in excess of three years, A tax sufficient to pay principal and interest on such certificates with the margin required by law shall be levied as required by law. The ordinance authorizing the issue of the emergency debt certificates shall state the nature of the emergency and be approved by at least four members of the Council. It may be passed by emergency ordinance as defined in section 3.6. except that the ordinance shall be enacted by a 4/5 vote of the Council. 7.12.2 A description of each such proposed certificate shall be published in the City newsletter, but failure to publish such description, or any defect in the description, shall not invalidate the certificate. However, corrections shall be published at the earliest practical time.