If in any year the receipts from taxes or other sources are insufficient for the ordinary expenses of the city because of any unforeseen cause, or any calamity or other public emergency that subjects the city to extraordinary expenditures, the council can by ordinance issue and sell on terms and in the manner as the council determines emergency debt certificates for not to exceed two years and to bear interest at not more than the legal rate. The council must levy a tax sufficient to pay principal and interest on the certificates with the margin required by law. At least five members of the council must approve the ordinance authorizing an issue of the emergency debt certificates stating the nature of the emergency. It can be passed as an emergency ordinance.
(Section 7.16 amended by Ord. 2004-8, passed 4-5-2004)