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Mounds View Charter Commission Date: June 30, 2004 <br /> Charter Updates; Category 2 Items; Chapter 7 <br /> Revision—Draft 7 Page7 of 7 <br /> with the following restrictions the Council may issue certificates of indebtedness in <br /> anticipation of state and federal aids and the collection of taxes levied the previous year for <br /> any fund and not yet collected. The total amount of certificates issued against any fund for <br /> any year together with interest thereon until maturity shall not exceed 90%of the total state <br /> and federal aids and current taxes due to the fund and uncollected at the time of issuance. <br /> Such certificates shall be issued on such terms and conditions as the Council may determine, <br /> but they shall become due not later than April 1 of the year following their issuance. The <br /> proceeds of the tax levied and such state or federal aids as the governing body may have <br /> allocated for the fund against which tax anticipation certificates are issued, and the full faith <br /> and credit of the City shall be irrevocably pledged for the redemption of the certificates. <br /> Section 7.12. Emergency Debt Certificates. <br /> Subdivision 1. 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 <br /> the City,or if any calamity or other public emergency necessitates the making of <br /> extraordinary expenditures,the Council may by ordinance issue,on such terms and in such <br /> manner as the Council determines, emergency debt certificates not to exceed 10% of the <br /> total City budget and not to run ttat to exceeding three years. A tax sufficient to pay <br /> principal and interest on such certificates with the margin required by law shall be levied as <br /> required by law. The ordinance authorizing the issue of such emergency debt certificates <br /> shall state the nature of the emergency and be approved by at least three members of the <br /> Council. It may be passed as an emergency ordinance. <br /> Subdivision deleted in entirety,<date <br /> any defeet itt the desefiption, shall not invalidate the eei4ifieate. <br /> City of Mounds View <br />