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with interest thereon until maturity shall not exceed ninety percent (90%) of the total state and federal aids and current taxes due to the fund and uncollected at the time of issuance. Such certificates shall be issued on such terms and conditions as the Council may determine, but they shall become due not later than August 1st of the year following their issuance. The proceeds of the tax levied and such state or federal aids as the governing body may have allocated for the fund against which tax anticipation certificates are issued, and the full faith and credit of the City shall be irrevocably pledged for the redemption of the certificates. Section 7.12. Emergency Debt Certificates. If in any year the receipt from taxes, availability of reserves, or other sources should for some unforeseen cause become insufficient for the ordinary expenses of the City, or if any calamity or other public emergency necessitates the making of extraordinary expenditures, the Council may by ordinance issue, on such terms and in such manner as the Council determines, emergency debt certificates not to exceed ten percent 00%) of the total City budget and to run not to exceed three 3 years. Taxes sufficient to pay principal and interest on such certificates with the margin required by law shall be levied as required by law. The ordinance authorizing the issue of such emergency debt certificates shall state the nature of the emergency and be approved by at least three (lmembers of the Council. It may be passed as an emergency ordinance. Section 8.03. Local Improvement Ordinances and Regulations. Within ninet 90) days after this Charter goes into effect, the Council shall enact suitable ordinance(s) governing local improvements and special assessments. The ordinance(s) shall provide a complete working code covering the determination of assessments and assessment Ddistricts, public hearings, appeals from a collection of assessments, penalties for delinquency in making payments, financing of said assessments, and the certifying of unpaid assessments for collection by the proper county officer. Said ordinance(s) shall also provide for installment payments and notices to be given thereof, appellate procedure, re -assessment, if necessary, and all other matters appropriate to the subject of local improvements and assessments. After the adoption of such ordinance(s) providing for local improvements, all procedures in compliance therewith shall conform to the regulations as set forth in such ordinance(s) and as otherwise contained in this Charter. Section 8.04. Procedure. Subdivision 1. All improvements to be paid for by special assessments against the benefited property shall be instituted by either, (1) the petition of at least twenty-five percent 25% in number of the benefited property owners together with a resolution adopted by an affirmative vote of the majority of all of the Council, or, (2) a resolution adopted by a four -fifths' 4/5`h affirmative vote of all of the Council. The Council resolution shall state the nature and scope of the proposed improvement, and shall provide means to obtain a cost estimate which shall set forth the cost of the improvement both in unit price and in total thereof. Upon receipt of such estimate, the Council shall by resolution set a date for a public hearing on the proposed improvement, setting forth therein the time, place and purpose of such hearing. Such resolution shall be described in the City Nnewsletter and published twice at least one aweek apart in the official newspaper of the City no less than two (2Zweeks prior to the date of said hearing, and in addition thereto, a copy of such resolution including estimated unit prices and estimated total price thereof shall be mailed to each benefited property owner at owner's last known address at least two (2) weeks prior to the date of said hearing. Failure to give mailed notice, or any defects in the notice, shall not invalidate the proceedings. At such hearing the C4ty Council shall receive any written and oral statements, and hear any petitioners for or against the proposed improvement. A period of sixty 60 days shall elapse after the public hearing before any further action shall be taken by the Council on the proposed improvement. If within such sixty --day 6( 0-day period, a petition against such improvement be filed with the Council, signed by a majority of the owners proposed to be assessed for the improvement, or, when the improvement has been petitioned for, signed by a number of the owners proposed to be assessed for such improvement at least equal to the number of those who petitioned Page 14 of 19 DOCSOPEN\MU210\4\903732.v2-9/20/23