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09-22-1979 Draft Charter
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09-22-1979 Draft Charter
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Last modified
8/27/2018 7:03:03 AM
Creation date
8/27/2018 7:02:58 AM
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MV Misc Documentation
Date
9/22/1979
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an election is not required by this charter or by state law, no such obligations <br /> shall be issued and sold without the approval of the majority of the voters voting <br /> on the question at a general or special election. <br /> Subd. 2. A description of each such proposed issue shall be given in a city <br /> newsletter, but failure to give such description, or any defect in the description, <br /> shall not invalidate the issue. <br /> Sec. 7.11. Anticipation Certificates. At anytime after January 1, the council <br /> may issue certificates of indebtedness in anticipation of state and federal aids <br /> and the collection of taxes levied the previous year for any fund and not yet <br /> collected. The total amount of certificates issued against any fund for any year <br /> together with interest thereon until maturity shall not exceed 90% of the total <br /> 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 <br /> the council may determine, but they shall become due not later than April 1 of <br /> the year following their issuance. The proceeds of the tax levied and such state <br /> or federal aids as the governing body may have allocated for the fund against which <br /> tax anticipation certificates are issued, and the full faith and credit of the city <br /> shall be irrevocably pledged for the redemption of the certificates. <br /> Sec. 12. Emergency Debt Certificates. <br /> Subdivision 1. If in any year the receipt from taxes or other sources should <br /> from some unforseen cause become insufficient for the ordinary expenses of the city, <br /> or if any calamity or other public emergency necessitates the making of extra- <br /> ordinary expenditures, the council may by ordinance issue, on such terms and in <br /> such manner as the council determines, emergency debt certificates to run not to <br /> -23- <br />
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