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Ordinance 772
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Ordinance 772
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MV City Charter
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resolution, but shall not increase the amounts fixed in the resolution beyond the sum of estimated <br />receipts and reserves, except to the extent that actual receipts exceed the estimate or to <br />implement Section 7.12 herein. At anytime the Council may; by resolution awed-b~~a- <br />m~+ir~rifir of i+~ e+~omhor~~ reduce the sums appropriated for any purpose ,_ <br />to increase reserves or authorize the transfer of sums from unencumbered balances ef- <br />in the budget, <br />Section 7.09. Funds. (no changes) <br />Section 7.10. City Indebtedness. <br />Subdivision 1. Except as provided in Sections 7.11 and 7.12, no obligation shall be <br />issued to pay current expenses, but the Council may issue and sell obligations for any other <br />municipal purpose in accordance with state law and within the limitations prescribed by law. <br />Except in the case of obligations for which an election is not required by this Chapter or by state <br />law, no such obligations shall be issued and sold without the approval of the majority of the voters <br />voting on the question at a general or special election. <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. 1. 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 <br />and federal aids and the collection of taxes levied the previous year for any fund and not yet <br />collected. The total amount of certificates issued against any fund for any year together with <br />interest thereon until maturity shall not exceed 90% of the total state and federal aids and current <br />taxes due to the fund and uncollected at the time of issuance. Such certificates shall be issued <br />on such terms and conditions as the Council may determine, but they shall become due not later <br />than Ap~i~August 1St of the year following their issuance. The proceeds of the tax levied and <br />such state or federal aids as the governing body may have allocated for the fund against which <br />tax anticipation certificates are issued, and the full faith and credit of the City shall be irrevocably <br />pledged for the redemption of the certificates. <br />Section 7.12. Emergency Debt Certificates. <br />S 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 the <br />City, or if any calamity or other public emergency necessitates the making of extraordinary <br />expenditures, the Council may by ordinance issue, on such terms and in such manner as the <br />Council determines, emergency debt certificates not to exceed 10% of the total City budget and <br />to run not to exceed three years. a~tTaxes sufficient to pay principal and interest on such <br />certificates with the margin required by law shall be levied as required by law. The ordinance <br />authorizing the issue of such emergency debt certificates shall state the nature of the emergency <br />and be approved by at least three members of the Council. It may be passed as an emergency
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