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Resolution No. 2005-02 Page 7 <br /> Section 7.11. Anticipation Certificates. <br /> At anytime after January 1, in accordance with MN Statute 412.261, as amended,with the following <br /> 110 astrictions_the Council may issue certificates of indebtedness in anticipation of state and federal aids and the <br /> collection of taxes levied the previous year for any fund and not yet collected. The total amount of certificates <br /> issued against any fund for any year together with interest thereon until maturity shall not exceed 90%of the <br /> total state and federal aids and current taxes due to the fund and uncollected at the time of issuance. Such <br /> certificates shall be issued on such terms and conditions as the Council may determine,but they shall become <br /> due not later than April 1 August 1St of the year following their issuance. The proceeds of the tax levied and such <br /> state or federal aids as the governing body may have allocated for the fund against which tax anticipation <br /> certificates are issued, and the full faith and credit of the City shall be irrevocably pledged for the redemption of <br /> the certificates. <br /> Section 7.12. Emergency Debt Certificates. <br /> Subilivisien-1. If in any year the receipt from taxes, availability of reserves, or other sources should for I <br /> some unforeseen cause become insufficient for the ordinary expenses of the City, or if any calamity or other <br /> public emergency necessitates the making of extraordinary expenditures,the Council may by ordinance issue, <br /> on such terms and in such manner as the Council determines, emergency debt certificates not to exceed 10% of <br /> the total City budget and to run not to exceed three years. A taxTaxes sufficient to pay principal and interest on <br /> such certificates with the margin required by law shall be levied as required by law. The ordinance authorizing <br /> the issue of such emergency debt certificates shall state the nature of the emergency and be approved by at least <br /> three members of the Council. It may be passed as an emergency ordinance. <br /> Subdivision 2. A description of each such proposed certificate shall be published in the City Newsletter, <br /> • <br />