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The total amount of certificates issued against any fund for any year together <br /> IIIwith interest thereon until maturity shall not exceed 90% of the total state <br /> 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 <br /> which tax anticipation certificates are issued, and the full faith and credit <br /> of the city shall be irrevocably pledged for the redemption of the certificates. <br /> Sec. 7.12. Emergency Debt Certificates. Subdivision 1. If in any year the <br /> receipt from taxes or other sources should from some unforseen cause become in- <br /> sufficient for the ordinary expenses of the city, or if any calamity or other public <br /> emergency necessitates the malting of extraordinary expenditures, the council may <br /> 111 <br /> by ordinance issue, on such terms and in such manner as the council determines, <br /> emergency debt certificates to run not to exceed three years. A tax sufficient to <br /> pay principal and interest on such certificates with the margin required by law <br /> shall be levied as required by law. The ordinance authorizing the issue of such <br /> emergency debt certificates shall state the nature of the emergency and be approved <br /> by-at least three-members of the council. - It may be passed as an emergency ordinance. <br /> Subd. 2. For each issue of an emergency debt certificate, the city council shall <br /> make a full report to the residents of the city as soon after issuance of the <br /> certificate as is feasible. Such report shall include a statement of the nature <br /> of the emergency, the purpose, amount, interest, rate, and term of the certificate, <br /> the estimated cost to representative taxpayers, and to what extent the issue meets or <br /> • bears relationship to the needs of the city as defined pursuant to Section 7.05 of <br /> this Charter. <br /> -7- <br />