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. 18. This paragraph E is superfluous. Section 7.12 refers to emergency debt <br /> certificates the issuance of which are totally governed by statute. See Minn. <br /> Stats., Sec.475.754. <br /> 19. This limitation on reserves should be considered most carefully. Neither <br /> statute nor this Charter authorize them but they are commonly created and <br /> maintained and Moody's (and to some degree Standard & Poor's) place <br /> great weight on a City's reserves in assigning credit ratings. My feeling is <br /> that Moody's would not look favorably on this provision (or indeed on the <br /> whole proposed amendment). <br /> 20. The first two sentences are superfluous. There can be no reserves of tax <br /> increment and nothing here affects development agreements. <br /> 21. This subdivision is superflouous. Bond obligations may not be impaired <br /> under any circumstances, and bonds may not be issued for current expenses. <br /> See Minn. Stats., Section 475.52, Subdivision 1. <br /> 22. This subdivision merely states a fact and is superfluous. Also, the term <br /> "referendum" should be "initiative". In addition, this whole amendment <br /> contradicts Chapter Section 5.01 which precludes the use of initiative and <br /> referendum in matters involving levy of taxes. <br /> 411 23. There should be an effective date that allows the City administration enough <br /> time to adapt to these new limitations if adopted. <br /> I hope this is helpful. <br /> Please excuse the extraneous marks on the draft. <br /> • 293823v1 03K MU210-4 <br />