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7.10.1. Except as provided in sections 7.11. and 7.12., no obligation shall be issued to <br /> pay current expenses, but the council may issue and sell obligations for any other <br /> municipal purpose in accordance with state statutes and within the limitations prescribed <br /> by law. Except in the case of obligations for which an election is not required by this <br /> charter or state statutes, no such obligation shall be issued and sold without the approval <br /> of the majority of the voters voting on the question at a general or special election. <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, shall <br /> not invalidate the issue. However, corrections shall be published at the earliest practical <br /> time. <br /> Section 7.11. Tax Anticipation Certificates. At anytime after January 1, the council may issue <br /> 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 <br /> issued against any fund for any year together with interest thereon until maturity shall not exceed <br /> 90 percent of the total state and federal aids and current taxes due to the fund and uncollected at <br /> the time of issuance. Such certificates shall be issued on such terms and conditions as the <br /> council may determine, but they shall become due no later than April 1 of the year following <br /> their issuance. The proceeds of the tax levied and such state or federal aids as the governing <br /> body may have allocated for the fund against which tax anticipation certificates are issued, and <br /> the full faith and credit of the city shall be irrevocably pledged for the redemption of the <br /> certificates. <br /> Section 7.12 Emergency Debt Certificates. <br /> 7.12.1. If in any year, the receipt from taxes or other sources should, for some unforeseen <br /> cause, become insufficient for the ordinary expenses of the city, or if any calamity or <br /> other public emergency necessitates the making of extraordinary expenditures, the <br /> council may by ordinance issue on such terms and in such manner as the council <br /> determines, emergency debt certificates to run not in excess of three years. A tax <br /> sufficient to pay principal and interest on such certificates with the margin required by <br /> law shall be levied as required by law. The ordinance authorizing the issue of the <br /> emergency debt certificates shall state the nature of the emergency and be approved by at <br /> least four members of the council. It may be passed by emergency ordinance as defined <br /> in section 3.6 except that the ordinance shall be enacted by a 4/5 vote of the council. <br /> 7.12.2 A description of each such proposed certificate shall be published in the city <br /> newsletter, but failure to publish such description, or any defect in the description, shall <br /> not invalidate the certificate. However, corrections shall be published at the earliest <br /> practical time. <br /> - Section 7.1 through 7.12 Amended Effective March 25, 1994 <br /> 15 <br />