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invalidate the issue. However, corrections shall be published at the earliest practical time. <br />Section 7.11. Tax Anticipation Certificates. At anytime after January 1, the council may <br />issue tax anticipation certificates in anticipation of state and federal aids and the collection of taxes <br />levied the previous year for any fund and not yet collected. The total amount of certificates issued <br />against any fund for any year together with interest thereon until maturity shall not exceed 90% of <br />the total state and federal aids and current taxes due to the fund and uncollected at the time of <br />issuance. Such certificates shall be issued on such terms and conditions as the council may <br />determine, but they shall become due not later than April 1 of the year following their issuance. <br />The proceeds of the tax levied and such state or federal aids as the governing body may have <br />allocated for the fund against which tax anticipation certificates are issued, and the full faith and <br />credit of the city shall be irrevocably pledged for the redemption of the certificates. <br /> <br />Section 7.12. Emergency Del~t Certificates. <br /> <br />7.12.1. If in any year the receipt from taxes or other sources, should for some unforseen <br />cause, become insufficient for the ordinary expenses of the city, or if any calamity or other <br />public emergency necessitates the making of extraordinary expenditures, the council may <br />by ordinance issue, on such terms and in such manner as the council determines, <br />emergency debt certificates to run not in excess of three years. A tax sufficient to pay <br />principal and interest on such certificates with the margin required by taw shall be levied as <br />required by law. The ordinance authorizing the issue of the emergency debt certificates <br />shall state the nature of the emergency and be approved by at least four members of the <br />council. It may be passed by emergency ordinance as defined in section 3.6. except that <br />the ordinance shall be enacted by a 4/5 vote of the Council. <br /> <br />7.12.2. <br /> <br />A description of each such proposed certificate shall be published in the city <br /> <br />18 <br /> <br />/! <br /> <br /> <br />