Laserfiche WebLink
Resolution 2005-02 Page7 <br />Section 7.11. 1. Anticipation Certificates. <br />At anytime after January 1, in accordance with MN Statute 412.261, as amended, with the following <br />restrictions; the Council may issue certificates of indebtedness in anticipation of state and federal aids and <br />the collection of taxes levied the previous year for any fund and not yet collected. The total amount of <br />certificates issued against any fund for any year together with interest thereon until maturity shall not <br />exceed 90% 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, <br />but they shall become due not later than April 1August 1st of the year following their issuance. The <br />proceeds of the tax levied and such state or federal aids as the governing body may have allocated for the <br />fund against which tax anticipation certificates are issued, and the full faith and credit of the City shall be <br />irrevocably pledged for the redemption of the certificates. <br />Section 7.12. Emergency Debt Certificates. <br />Subdivision 1. If in any year the receipt from taxes, availability of reserves, or other sources <br />should for some unforeseen cause become insufficient for the ordinary expenses of the City, or if any <br />calamity or other public emergency necessitates the making of extraordinary expenditures, the Council may <br />by ordinance issue, on such terms and in such manner as the Council determines, emergency debt <br />certificates not to exceed 10% of the total City budget and to run not to exceed three years. A tax Taxes <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 such emergency debt certificates shall state the <br />nature of the emergency and be approved by at least three members of the Council. It may be passed as an <br />emergency ordinance. <br />Subdivision 2. A description of each such proposed certificate shall be published in the City <br />Newsletter, but failure to give such description, or any defect in the description, shall not invalidate the <br />certificate.