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Mounds View Charter Commission Date: February 10, 2004 Charter Updates; Category 2 Items; Chapter 7 Revision—FINAL Page6 of 7 vouches for its correctness and reasonableness. Section 7.08. Alterations in the Budget. After the budget resolution has been adopted,the Council may amend the budget by resolution, but shall not increase the amounts fixed in the resolution beyond the sum of estimated receipts and reserves, except to the extent that actual receipts exceed the estimate or to implement Section 7.12 herein. At anytime the Council may;by resolution approved by a majority of its members, reduce the sums appropriated for any purpose by the budget es to increase reserves or authorize the transfer of sums from unencumbered balances in the budget: - . ':- : : -- :• :: Section 7.09. Funds. (no changes) Section 7.10. City Indebtedness. Subdivision 1. Except as provided in Sections 7.11 and 7.12,no obligation shall be issued to pay current expenses,but the Council may issue and sell obligations for any other municipal purpose in accordance with state law and within the limitations prescribed by law. 41110 Except in the case of obligations for which an election is not required by this Chapter or by state law,no such obligations shall be issued and sold without the approval of the majority of the voters voting on the question at a general or special election. Subdivision 2. A description of each such proposed issue shall be published in the official City newspaper,the City Newsletter, and , if available,the City web site,but failure to give such description, or any defect in the description, shall not invalidate the issue. Section 7.11. 1. Anticipation Certificates. At anytime after January 1, in accordance with MN Statute 412.261,as amended, with the following restrictions; the Council may issue certificates of indebtedness in anticipation of state and federal aids and the collection of taxes levied the previous year for any fund and not yet collected. The total amount of certificates issued against any fund for any year together with interest thereon until maturity shall not exceed 90%of the total state and federal aids and current taxes due to the fund and uncollected at the time of issuance. Such certificates shall be issued on such terms and conditions as the Council may determine, but they shall become due not later than August 1st April 1 of the year following their issuance. The proceeds of the tax levied and such state or federal aids as the governing body may have allocated for the fund against which tax anticipation certificates are issued,and the full faith and credit of the City shall be irrevocably pledged for the redemption of the certificates. Section 7.12. Emergency Debt Certificates. Subdivision 1. If in any year the receipt from taxes, availability of reserves, or • City of Mounds View