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Mounds View Charter Commission Date: February 10, 2004 <br /> Charter Updates; Category 2 Items; Chapter 7 <br /> Revision—FINAL Page5 of 5 <br /> • Subdivision 2. A description of each such proposed issue shall be published in the official <br /> City newspaper,the City Newsletter, and, if available,the City web site,but failure to give such <br /> description, or any defect in the description, shall not invalidate the issue. <br /> Section 7.11. Anticipation Certificates. <br /> At anytime after January 1, in accordance with MN Statute 412.261, as amended,with the <br /> following 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 collected. <br /> The total amount of certificates issued against any fund for any year together with interest thereon <br /> until maturity shall not exceed 90%of the total state and federal aids and current taxes due to the <br /> fund and uncollected at the time of issuance. Such certificates shall be issued on such terms and <br /> conditions as the Council may determine,but they shall become due not later than August 1st of the <br /> year following their issuance. The proceeds of the tax levied and such state or federal aids as the <br /> governing body may have allocated for the fund against which tax anticipation certificates are <br /> issued, and the 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 /> If in any year the receipt from taxes, availability of reserves, or other sources should for <br /> some unforeseen cause become insufficient for the ordinary expenses of the City, or if any calamity <br /> . or other public emergency necessitates the making of extraordinary expenditures, the Council may <br /> by ordinance issue, on such terms and in such manner as the Council determines, emergency debt <br /> certificates not to exceed 10% of the total City budget and to run not to exceed three years. Taxes <br /> sufficient to pay principal and interest on such certificates with the margin required by law shall be <br /> levied as required by law. The ordinance authorizing the issue of such emergency debt certificates <br /> shall state 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 /> • <br /> City of Mounds View <br />