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Subdivision 2. A description of each such proposed issue shall be published in the official City newspaper, the City Newsletter, and, if available, the City web site, but failure to give such description, or any defect in the description, shall not invalidate the issue. (Amended, Ord. 772, 5- 22-06) Section 7.11. Anticipation Certificates. At anytime after January 1, in accordance with Minnesota Statutes 412.261, as amended, with the following restrictions; the Council may issue certificates of indebtedness 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 ninety percent (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 become due not later than August 1st 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. (Amended, Ord. 772, 5-22-06) Section 7.12. Emergency Debt Certificates. If in any year the receipt from taxes, availability of reserves, 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 not to exceed ten percent (10%) of the total City budget and to run not to exceed three (3) years. Taxes 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 such emergency debt certificates shall state the nature of the emergency and be approved by at least three (3) members of the Council. It may be passed as an emergency ordinance. (Amended, Ord. 772, 5-22-06) CHAPTER 8 PUBLIC IMPROVEMENTS AND SPECIAL ASSESSMENTS Section 8.01. Power to Make Improvements and Levy Assessments. The City may make any type of public improvement not forbidden by law and levy special assessments to pay all or any part of the cost of such improvements as are of a local character. The total assessments for any local improvement may not exceed the cost of the improvement, including all costs and expenses connected therewith, with interest. No assessment shall exceed the benefits to the property. Section 8.02. Effective Charter Provisions. Local improvements (the term "local improvement" shall mean a public improvement financed partly or wholly from special assessments) shall be carried out exclusively under the provisions of this Charter. City of Mounds View — Home Rule Charter - Page 16 of 21 Revision Date 1/11/07