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Mounds View Charter Commission Date: July 11, 2006 <br />Resolution 2006-08 Chapter 7, Section 7.10 Page2 of 2 <br />CHAPTER 7 <br />TAXATION AND FINANCES <br />Section 7.10. City Indebtedness. <br />Subdivision 1. Except as provided in Sections 7.11 and 7.12, no obligation shall be issued to <br />pay current expenses, but the Council may issue and sell obligations for any other municipal purpose in <br />accordance with state law and within the limitations prescribed by law. ENeept itt the ease of <br />obligations for w-hieh an eleetion is not required by this Chapter or by state law, All such obligations <br />shall be issued and sold only -without the approval of the majority of the voters voting on the question at <br />a general or special election, unless exempted by State law for charter cities, or by this Charter. <br />Subdivision 2. A description of each such proposed issue shall be published in the official City <br />newspaper, and, if available the City Newsletter, and,, lei the City web site, but failure to give <br />such description, or any defect in the description, shall not invalidate the issue. <br />City of Mounds View <br />