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• <br /> the estimate. At anytime the Council may, by resolution approved <br /> by a majority of its members, reduce the sums appropriated for <br /> any purpose by the budget resolution, or authorize the transfer <br /> of sums from unencumbered balances of appropriations in the <br /> budget resolution to other purposes. <br /> Section 7. 09. Funds. There shall be maintained in <br /> the City treasury a general fund and such other funds as may be <br /> required by state law, ordinance, or resolution. The Council <br /> may, by resolution or ordinance, make inter-fund loans, except <br /> from trust and agency funds, as it may deem necessary and <br /> appropriate. <br /> Section 7. 10. City Indebtedness. <br /> Subdivision 1 . Except as provided in Sections 7. 11 and <br /> 7. 12, no obligation shall be issued to pay current expenses, but <br /> the Council may issue and sell obligations for any other <br /> municipal purpose in accordance with state law and within the <br /> limitations prescribed by law. Except in the case of obligations <br /> for which and election is not required by this Charter or by <br /> state law, no such obligations shall be issued and sold without <br /> the approval of the majority of the voters voting on the question <br /> at a general or special election. . . <br /> Subdivision 2. A description of each such proposed issue <br /> shall be published in the City Newsletter, but failure to give <br /> such description, or any defect in the description, shall not <br /> invalidate the issue. <br /> Section 7. 11 . Anticipation Certificates. At anytime <br /> after January 1 , the Council may issue certificates of <br /> indebtedness in anticipation of state and federal aids and the <br /> collection of taxes levied the previous year for any fund and not <br /> yet collected. The total amount of certificates issued against <br /> any fund for any year together with interest thereon until <br /> maturity shall not exceed 90% of the total state and federal aids <br /> and current taxes due to the fund and uncollected at the time of <br /> issuance. Such certificates shall be issued on such terms and <br /> conditions as the Council may determine, but they shall become <br /> due not later than April 1 of the year following their issuance. <br /> The proceeds of the tax levied and such state or federal aids as <br /> the governing body may have allocated for the fund against which <br /> tax anticipation certificates are issued , and the full faith and <br /> credit of the City shall be irrevocably pledged for the <br /> redemption of the certificates. <br /> Section 7. 12. Emergency Debt Certificates. <br /> Subdivision 1 . If in any year the receipt from taxes or <br /> other sources should from some unforseen cause become <br /> insufficient for the ordinary expenses of the City, or if any <br /> calamity or other public emergency necessitates the making of <br /> extraordinary expenditures, the Council may by ordinance issue, <br /> on such terms and in such manner as the Council determines, <br /> emergency debt certificates to run not to exceed three years. A <br /> tax sufficient to pay principal and interest on such certificates <br /> -15 • <br /> - <br />