1984 City Charter - Laserfiche WebLink

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Section 7.10~.iCtt~ Indebtedness. 7o~0,01. Except as provided tn sections 7.1~. and 7o12.~ no obligation shall be issued ~ P~7 current expenses, but the council may issue and sell obligations for any ather municipal purpose in accordance with state statutes anO within the limlt~a[io~s prescribed b7 lawo Except in the case of obligations for which an eleetion~is inet require~ by ghis ehar~er or sgate atatutea~ no auch obligations sba>Ii, be i~ssued and ~old ~ithout the approval of the ma3ority of the voters voting on ~heiquestion at a general or special election° 7.10.~2. i~ description of each such proposed issue shall be published in the city new~lett~r, but failure to publish such description, or any defect in the description~ Bha!l not invalidate the issue. However, corrections shall be published at th~ ~ar~iest practical time. Section 7.1~.,. Tat Anticipation Certificates. ~t anytime after January 1, the council may issu~ ta~ anticipation certificates in anticipation of state and federal aids and the coll!ect~on 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 in~er~t thereon until maturity shall not exceed 90% of the total state and fede~e~ aids and current taxes due to the fund and uncollected at the time cf ±ssuanceil gueh certificates shall be issued on such terms and conditions as the council ~y d~termine, but they shall become due not later than April 1 of the year following their issuance. The proceeds of the tax levied and such state or federal aids: ~s the governing body may have allocated for the fund against which tax anticipagiOni~ ' ' ' certificates are issued, and the full faith and credit of the city shall be ilr,evocably pledged for the redemption of the certificates. pg.7-6/7