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ORDINANCE NO. 782 CITY OF MOUNDS VIEW COUNTY OF RAMSEY STATE OF MINNESOTA AN ORDINANCE AMENDING THE MOUNDS VIEW CITY CHARTER BY AMENDING SECTION 7.10 OF THE CITY CHARTER THE CITY OF MOUNDS VIEW DOES HEREBY ORDAIN: SECTION 1. The City Council of the City of Mounds View, pursuant to the recommendation of the City of Mounds View Charter Commission, has hereby determined that Section 7.10, of the City Charter be amended by the addition of the bold and double -underlined language and by the deletion of the bold and StFiGlken language as follows: 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. Except On the ease of obligations RK which an e!eGt*on is no Fe quired by this Chapter OF by state Iaw w&1 such obligations shall be issued and sold QR[y witheat the approval of the majority of the voters voting on the question at a general or special election, except in the case of obligations for which an election is exempted by this Charter or by state law. Subdivision 2. A description of each such proposed issue shall be published in the official City newspaper, and, if available the City Newsletter, and, :f available, the City web site, but failure to give such description, or any defect in the description, shall not invalidate the issue. SECTION 2. This ordinance shall take effect ninety days after the date of its publication. Read by the City Council of the City of Mounds View on this 11th day of December, 2006. Read and passed by the City Council of the City of Mounds View on this 8th day of January, 2007. X, Rob Marty, Mayor ATTEST: Kurt Ulrich, City Clerk -Administrator (SEAL)