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Sec.7.10.City indebtedness. <br /> 7.10.1 Except as provided in sections 7.11 and 7.12,no obligation shall be issued to pay current expenses,but <br /> the council may issue and sell obligations for any other municipal purpose in accordance with state statutes <br /> and within the limitations prescribed by law.Except in the case of obligations for which an election is not <br /> required by this Charter or state statutes,no such obligation shall be issued and sold without the approval of <br /> 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 newsletter,but failure to publish <br /> such description,or any defect in the description,shall not invalidate the issue.However,corrections shall be <br /> published at the earliest practical time. <br /> (Ord.of 3-25-1994) <br /> Sec.7.11.Tax anticipation certificates. <br /> At any time after January 1,the council may issue tax anticipation certificates in anticipation of state and <br /> federal aids and 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 until maturity shall not <br /> exceed 90 percent of the total state and federal aids and current taxes due to the fund and uncollected at the time <br /> of issuance.Such certificates shall be issued on such terms and conditions as the council may determine,but they <br /> shall become due no later than April 1 of the year following their issuance.The proceeds of the tax levied and such <br /> state or federal aids as the governing body may have allocated for the fund against which tax anticipation <br /> certificates are issued,and the full faith and credit of the city shall be irrevocably pledged for the redemption of <br /> the certificates. <br /> (Ord.of 3-25-1994) <br /> Sec.7.12.Emergency debt certificates. <br /> 7.12.1 If in any year,the receipt from taxes or other sources should,for some unforeseen cause,become <br /> insufficient for the ordinary expenses of the city,or if any calamity or other public emergency necessitates <br /> the making of extraordinary expenditures,the council may by ordinance issue on such terms and in such <br /> manner as the council 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 law shall be levied as <br /> required by law.The ordinance authorizing the issue of the emergency debt certificates shall state the nature <br /> of the emergency and be approved by at least four members of the council.It may be passed by emergency <br /> ordinance as defined in section 3.6 except that the ordinance shall be enacted by a four-fifths vote of the <br /> council. <br /> 7.12.2 A description of each such proposed certificate shall be published in the city newsletter,but failure to <br /> publish such description,or any defect in the description,shall not invalidate the certificate.However, <br /> corrections shall be published at the earliest practical time. <br /> (Ord.of 3-25-1994) <br /> CHAPTER 8. PUBLIC IMPROVEMENTS AND SPECIAL ASSESSMENTS <br /> Created: 2024-10-04 12:02:16[EST] <br /> (Supp.No.13,Update 3) <br /> Page 15 of 25 <br />