Ordinance - #94-03 - 02/22/1994 - Laserfiche WebLink

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7.8. Alterations to the Budget. After the budget resolution has been adopted, the Council shall not increase the amounts fixed in the resolution beyond the estimated funds available except to the extent that actual receipts exceed the estimated funds available. At anytime the Council may, by resolution approved by a 4/5 vote of its members, reduce the sums appropriated for any purpose by the budget resolution, or authorize the transfer of sums from unencumbered balances of appropriations in the budget resolution to other purposes. 7.9. Funds. There shall be maintained in the City treasury a general fund and such other funds as may be required by state statutes, resolution or ordinance. The Council shall, by resolution or ordinance, create and abolish funds and shall define which funds are eligible for interfund loans as it may deem necessary and appropriate. 7.10. City Indebtedness. 7.10.1. Except as provided in sections 7.11. and 7.12., no obligation shall be issued to pay current expenses, but the council may issue and sell obligations for any other municipal purpose in accordance with state statutes and within the limitations prescribed by law. Except in the case of obligations for which an election is not required by this charter or state statutes, no such obligation shall be issued and sold without the approval of the majority 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 newsletter, but failure to publish such description, or any defect in the description, shall not invalidate the .issue. However, corrections shall be published at the earliest practical time. 7.11. Tax Anticipation Certificates. At anytime after January 1, the Council may issue tax anticipation certificates in anticipation of state and federal aids and the collection 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 interest thereon until maturity shall not exceed 90% of the total state and federal aids and current taxes due to the fund and uncollected at the time of issuance. Such certificates shall be issued on such terms and conditions as the council may determine, but they shall be come due no later than April 1 of the year following their issuance. The proceeds of the tax levied and such state or federal aids as the governing body may have allocated for the fund against which tax anticipation certificates are issued, and the full faith and credit of the City shall be irrevocably pledged for the redemption of the certificates. 7.12. Emergency Debt Certificates. 7.12.1. If in any year the receipt from taxes or other sources, should for some unforeseen cause, become insufficient for the ordinary expenses of the City, or if any calamity or other public emergency necessitates the making of extraordinary expenditures, the Council may by ordinance issue, on such terms and in such manner as the Council determines, emergency debt certificates to run not in excess of three years. A tax sufficient to pay principal and interest on such certificates with the margin required by law shall be levied as required by law. The ordinance authorizing the issue of the emergency debt certificates shall state the nature of the emergency and be approved by at least four members of the Council. It may be passed by emergency ordinance as defined in section 3.6. except that the ordinance shall be enacted by a 4/5 vote of the Council.