City Charter Adopted on 5/22/84 - Laserfiche WebLink

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Section 7, lb; ~lty Indebtedness. ~', 7.1(~1.i! ~xcept as provided in sections 7.11. and 7.12.,'no obligation shall be issued to pay;.cufrent expenses, but the council may issue and sell obligations for any other mu~ci )~al purpose in accordance with state statutes and within the limitations prescribed by !~lw i' Except in the case of obligations for which an election is not required by this chattier )ir state statutes, no such obligation shall be issued and sold without the approval oft~e ~ ~jority of the voters voting on the question at a general or special election. 7;10~2.~ A description of each such proposed issue shall be Published in the city new~le~,r, but failure to publish such description, or any defect in the description, shall not ~v~date the issue. However~ co~ections shall be published at the earliest practical time: ~; Section 7:1~; ~gx Anticipation Certificates. At an~ime after Janua~ 1, the council may issue tax anticiP~io~ ~cenificates in anticipation of state and federal aids and the collection of taxes levied the ~e~ious year for ~y ~nd and not yet collected. The total amount of ce~ificates issued agai~t ~ ay ~nd for any year together with interest thereon until maturity shall not exceed 90 percent '~f tl ~* total state and federal aids ~d cu~ent taxes due to the ~d and uncollected at the time 0f~[s~ ~ance. Such ce~ificates shall be issued on such te~s and conditions as the council ma~ d~ te~ine, but they shall become due no later than April 1 of the year following their issu~e. ~ The proceeds of the tax levied and such state or federal aids as the gove~ng body may ~v[ allocated for the fund against which tax anticipation ce~ificates are issued, and the full fai~: ~nd credit of the city shall be i~evocably pledged for the redemption of the ce~ificates.--~ Section 7.1i ~mergency Debt Certificates. 7.12~1. ~f~n ~y year, the receipt ~om taxes or other sources should, for some unforeseen cause, ~ome insufficient for the ordina~ expenses of the city, or if any calamity or othe~ ~bhc emergency necessitates the making of extraord~na~ expenditures, the council ~may by ordinance issue on such te~s and in such ma~er as the council dete~i:¢es, emergency debt ce~ificates to mn not in excess of t~ee years. A tax suffi[ie~ .t to pay principal and interest on such ce~ificates with the margin required by 1aw ~h, [I be levied as required by law. The ordinance authorizing the issue of the emo~ge~ Cy debt ce~ificates shall state the nacre of the emergency and be approved by at le~t~ r members of the council. It may be passed by emergency ordinance as defined in se~tir a 3.6 except that the ordinance shall be enacted by a 4/5 vote of the council. 7.12.~ ~ A description of each such proposed ce~ificate shall be published in the city new~le~, but hilure to publish such description, or any defect in the description, shall not ~v~hdate the ce~fficate. However, co~ections shall be published at the earliest praC0ea~ time. - Section 7.'[: t~Ough 7.12 Amended Effective March 25, 1994