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a <br /> • Page 5. <br /> 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 a- <br /> •ainst which tax anticipation certificates are issued and the full faith <br /> and credit of the city shall be irrevocably pledged for the redemption of <br /> the certificates. <br /> Sec. 7.12. Emergency debt certificates. If in any year the receipt from <br /> taxes or other sources should from some unforseen cause become insufficient <br /> for the ordinary expenses of the city , or if any calamity or other public <br /> emergency necessitates the making of extraordinary expenditures, the <br /> council may by ordinance issue on such terms and in such manner as the <br /> council determines emergency debt certificates to run not to exceed three <br /> years. A tax sufficient to pay principal and interest on such certificates <br /> with the margin required by law shall be levied as required by law. The <br /> ordinance authorizing the issue of such emergency debt certificate shall <br /> state the nature of the emergency and be approved by at least four members <br /> of the council. It may be passed as an emergency ordinance. <br /> • ADMINISTRATION, TAXATION , AND FINANCE COMMITTEE <br />