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estimated funds available except to the extent that actual receipts exceed the estimated funds <br />available. At anytime the Council may, by resolution approved by a 4/5 vote of its <br />members, reduce the sums appropriated for any purpose by the budget resolution, or <br />authorize the transfer of sums from unencumbered balances of appropriations in the budget <br />resolution to other purposes. <br /> <br />Section 7.9. Funds. There shall be maintained in the City treasury a general fund and <br />such other funds as may be required by state statutes, resolution or ordinance. The <br />Council shall, by resolution or ordinance, create and abolish funds and shall define <br />which funds are eligible for interfund loans as it may deem necessary and appropriate. <br /> <br />Section 7.10. City Indebtedness. <br /> <br />7.10.1. Except as provided in sections 7.11. and 7.12., no obligation shall be <br />issued to pay current expenses, but the council may issue and sell obligations for <br />any other municipal purpose in accordance with state statutes and within the <br />limitations prescribed by law. Except in the case of obligations for which an <br />election is not required by this charter or state statutes, no such obligation shall be <br />issued and sold without the approval of the majority of the voters voting on the <br />question at a general or special election. :: <br /> <br />7.10.2. A description of each such proposed issue shall be published in the City <br />newsletter, but failure to publish such description, or any defect in the description, <br />shall not invalidate the issue. However, corrections shall be published at the <br />earliest practical time. <br /> <br />Section 7.11. Tax Anticipation Certificates. At anytime after January 1, the <br />Council may issue tax anticipation certificates in anticipation of state and federal aids and <br />the collection of taxes levied the previous year for any fund and not yet collected. The total <br />amount of certificates issued against any fund for any year together with interest thereon <br />until maturity shall not exceed 90% of the total state and. federal aids and current taxes due <br />to the fund and uncollected at the time of issuance. Such certificates shall be issued on <br />such terms and conditions as the council may determine, but they shall be come due no <br />later than April 1 of the year following their issuance. The proceeds of the tax levied and <br />such state or federal aids as the governing body may have allocated for the fund against <br /> <br /> <br />