Agenda - Council - 03/11/2025 - Laserfiche WebLink

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Sec. 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 Adescription of each such proposed issue shall be published in the city newsletter, but failure to publish such description, orany defect inthe description, shaUnotinva|idatetheissue.However,cornectionsshaUbe published atthe earliest practical time. Sec. 7.11.Tax anticipation certificates. Atany time 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 percent 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 become due nolater 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. Sec. 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 ofextraordinary expenditures, the council may byordinance issue onsuch terms and insuch 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 |avv shall be levied as required by |ew^ The ordinance authorizing the issue ofthe emergency debt certificates shall state the nature ofthe emergency and beapproved byatleast four members ofthe council. |tmay bepassed byemergency ordinance as defined in section 3.6 except that the ordinance shall be enacted by a four -fifths vote of the council. 7.12.2 A description of each such proposed certificate shall be published in the city newsletter, but failure to publish such description, or any defect in the description, shall not invalidate the certificate. However, corrections shall bepublished atthe earliest practical time. CHAPTER 8.PUBLIC IMPROVEMENTS AND SPECIAL ASSESSMENTS Created: 2025e1'03 16.18.18 [EST] Page 15 of 25