Agenda Packets - 2006/04/10 - Laserfiche WebLink

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Section 7.09. Funds. (no changes) Section 7.10. City Indebtedness. Subdivision 1. Except as provided in Sections 7.11 and 7.12, no obligation shall be issued to pay current expenses, but the Council may issue and sell obligations for any other municipal purpose in accordance with state law and within the limitations prescribed by law. Except in the case of obligations for which an election is not required by this Chapter or by state law, no such obligations shall be issued and sold without the approval of the majority of the voters voting on the question at a general or special election. Subdivision 2. A description of each such proposed issue shall be published in the official City newspaper, the City Newsletter, and , if available, the City web site, but failure to give such description, or any defect in the description, shall not invalidate the issue. Section 7.11. 1. Anticipation Certificates. At anytime after January 1, in accordance with MN Statute 412.261, as amended, with the following restrictions; the Council may issue certificates of indebtedness in anticipation of state and federal aids and the collection of taxes levied the previous year for any fund and not yet collected. The total amount of certificates issued against any fund for any year together with interest thereon until maturity shall not exceed 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 15t_Apr"! 1 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 10% of the total City budget and to run not to exceed three years. A-tTaxes 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 members of the Council. It may be passed as an emergency ordinance. A desGription of each suGh proposed Gertif"Gate shall be published in the City Newsletter, but failure to give such description, or any defect On the description, shall not invalidate the SECTION 2. This ordinance takes effect 90 days after its publication in the official City newspaper.