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Mounds View Charter Commission Date: June 4, 2004 <br /> Charter Updates; Category 2 Items; Chapter 7 <br /> . Revision—Draft 6 Pagel2 of 13 <br /> case of obligations for which an election is not required by this Chapter or by state law,no <br /> such obligations shall be issued and sold without the approval of the majority of the voters <br /> voting on the question at a general or special election. <br /> Subdivision 2. A description of each such proposed issue shall be published in the <br /> City-City official City newspaper,the City Newsletter and/, if available,et-the City website, <br /> but failure to give such description, or any defect in the description, shall not invalidate the <br /> issue. <br /> Section 7.11. Anticipation Certificates. At anytime after January 1, in accordance <br /> with MN Statute 412.261, as amended,except as prescribed herewith the following <br /> • <br /> restrictions,the Council may issue certificates of indebtedness in anticipation of state and <br /> federal aids 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 together with <br /> interest thereon until maturity shall not exceed 90%of the total state and federal aids and <br /> current taxes due to the fund and uncollected at the time of issuance. Such certificates shall <br /> be issued on such terms and conditions as the Council may determine,but they shall become <br /> due not later than April 1 of the year following their issuance. The proceeds of the tax <br /> levied and such state or federal aids as the governing body may have allocated for the fund <br /> against which 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 /> City of Mounds View <br />