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Mounds View Charter Commission Date: October 14, 2004 <br /> • Charter Updates; Category 2 Items; Chapter 7 <br /> Revision— Draft 10 Page7 of 7 <br /> and federal aids and current taxes due to the fund and uncollected at the time of issuance. <br /> Such certificates shall be issued on such terms and conditions as the Council may determine, <br /> but they shall become due not later than August 1.t April 1 of the year following their <br /> issuance. The proceeds of the tax levied and such state or federal aids as the governing body <br /> may have allocated for the fund against which tax anticipation certificates are issued, and the <br /> full faith and credit of the City shall be irrevocably pledged for the redemption of the <br /> certificates. <br /> Section 7.12. Emergency Debt Certificates. <br /> Subdivision I. If in any year the receipt from taxes, availability of reserves or other <br /> sources should for some unforeseen cause become insufficient for the ordinary expenses of <br /> the City,or if any calamity or other public emergency necessitates the making of <br /> extraordinary expenditures,the Council may by ordinance issue,on such terms and in such <br /> manner as the Council determines,emergency debt certificates not to exceed 10% of the <br /> total City budget and to run not to exceed three years. A4Taxt,s sufficient to pay principal <br /> and interest on such certificates with the margin required by law shall be levied as required <br /> by law. The ordinance authorizing the issue of such emergency debt certificates shall state <br /> the nature of the emergency and be approved by at least three members of the Council. It <br /> may be passed as an emergency ordinance. <br /> A description of each such proposed certificate . ... ' • - -- , - . , <br /> certificate. Subdivision 2 <br /> • <br /> City of Mounds View <br />