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Mounds View Charter Commission Date: June 4, 2004 <br /> Charter Updates; Category 2 Items; Chapter 7 <br /> Ili Revision—Draft 6 Page13 of 13 <br /> Section 7.12. Emergency Debt Certificates. <br /> Subdivision 1. If in any year the receipt from taxes, availability of reserves or <br /> other sources should for some unforeseen cause become insufficient for the ordinary <br /> expenses of the City, or if any calamity or other public emergency necessitates the <br /> making of extraordinary expenditures, the Council may by ordinance issue, on such terms <br /> and in such manner as the Council determines, emergency debt certificates not to exceed <br /> 10% of the total City budget and not to run exceeding three years. A tax sufficient to pay <br /> principal and interest on such certificates with the margin required by law shall be levied <br /> as required by law. The ordinance authorizing the issue of such emergency debt <br /> • <br /> certificates shall state the nature of the emergency and be approved by at least three <br /> members of the Council. It may be passed as an emergency ordinance. <br /> Subdivision 2. (deleted in entirety,<dated>) <br /> S <br /> City of Mounds View <br />