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sums appropriated for any purpose, to increase reserves or authorize the transfer of sums from <br />unencumbered balances in the budget. <br /> Section 7.09. Funds. There shall be maintained in the City treasury a general fund and such other <br />funds as may be required by state law, ordinance, or resolution. The Council may, by resolution or <br />ordinance, make inter-fund loans, except from trust and agency funds, as it may deem necessary and <br />appropriate. <br /> Section 7.10. City Indebtedness. (Amended 2007 Ord. 782; Amended 2023 Ord. 1009.) <br /> Subdivision 1. Except as provided in Sections 7.11 and 7.12, no obligation shall be issued to pay <br />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. All such obligations shall be <br />issued and sold only with the approval of the majority of the voters voting on the question at a general <br />or special election, except in the case of obligations for which an election is exempted by this Charter <br />or by state law. <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 the City web-site, but failure to give such <br />description, or any defect in the description, shall not invalidate the issue. (Amended 2023 Ord. 1009.) <br /> Section 7.11. Anticipation Certificates. At any time after January 1, in accordance with Minnesota <br />Statutes, section 412.261, as amended, with the following restrictions; the Council may issue <br />certificates of indebtedness in anticipation of state and federal aids and the collection of taxes levied <br />the previous year for any fund and not yet collected. The total amount of certificates issued against <br />any fund for any year together with interest thereon until maturity shall not exceed ninety percent <br />(90%) of the total 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 the Council may <br />determine, but they shall become due not later than August 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 allocated for <br />the fund against which 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. (Amended 2023 Ord. 1009.) <br /> Section 7.12. Emergency Debt Certificates. If in any year the receipt from taxes, availability of <br />reserves, or other sources should for some unforeseen cause become insufficient for the ordinary <br />expenses of 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 manner <br />as the Council determines, emergency debt certificates not to exceed ten percent (10%) of the total <br />City budget and to run not to exceed three (3) years. Taxes sufficient to pay principal and interest on <br />such certificates with the margin required by law shall be levied as required by law. The ordinance <br />authorizing the issue of such emergency debt certificates shall state the nature of the emergency and <br />be approved by at least three (3) members of the Council. It may be passed as an emergency <br />ordinance. (Amended 2023 Ord. 1009.) <br />8: PUBLIC IMPROVEMENTS AND SPECIAL ASSESSMENTS <br /> Section 8.01. Power to Make Improvements and Levy Assessments. The City may make any type of <br />public improvement not forbidden by law and levy special assessments to pay all or any part of the <br />cost of such improvements as are of a local character. The total assessments for any local <br />improvement may not exceed the cost of the improvement, including all costs and expenses <br />connected therewith, with interest. No assessment shall exceed the benefits to the property. <br /> Section 8.02. Effective Charter Provisions. Local improvements (the term "local improvement" shall <br />mean a public improvement financed partly or wholly from special assessments) shall be carried out