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an election is not required by this charter or by state law, no such obligations <br />shall be issued and sold without the approval of the majority of the voters voting <br />on the question at a general or special election. <br />Subd. 2. A description of each such proposed issue shall be published in the <br />city newsletter, but failure to give such description, or any defect in the de- <br />scription, shall not invalidate the issue. <br />Sec. 7.11. Anticipation Certificates. At anytime after January 1, the council <br />may issue certificates of indebtedness in anticipation of state and federal aids <br />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 <br />together with interest thereon until maturity shall not exceed 90% of the total <br />state and federal aids and current taxes due to the fund and uncollected at the time <br />of issuance. Such certificates shall be issued on such terms and conditions as <br />the council may determine, but they shall become due not later than April 1 of <br />the year following their issuance. The proceeds of the tax levied and such state <br />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 <br />shall be irrevocably pledged for the redemption of the certificates. <br />Sec -7.12. Emergency Debt Certificates. <br />Subdivision 1. If in any year the receipt from taxes or other sources should <br />from some unforseen cause become insufficient for the ordinary expenses of the city, <br />or if any calamity or other public emergency necessitates the making of extra- <br />ordinary expenditures, the council may by ordinance issue, on such terms and in <br />such manner as the council determines, emergency debt certificates to run not to <br />-23- <br />