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SEC. 7.14 TAX ANTICIPATION CERTIFICATE.
   At any time after January 1 following the making of an annual tax levy, the council may issue certificates of indebtedness in anticipation of the collection of taxes levied for any fund and not yet collected. The total amount of certificates issued against any fund for any year with interest thereon until maturity shall not exceed seventy percent (70%) of the total current taxes for the fund uncollected at the time of issuance. Such certificates shall be issued on such terms and conditions as the council may determine, and shall become due and payable not later than April 1st of the year following issuance. The proceeds of the tax levied 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 in the order of their issuance against the fund.
(Ord. 556, passed 6-27-2016)
SEC. 7.15 EMERGENCY DEBT CERTIFICATES.
   If in any year the receipts from taxes or other sources should from some unforeseen cause become insufficient for the ordinary expenses of the city or if any calamity or other public emergency should subject the city to the necessity of making extraordinary expenditures, by provisions of section 7.07 or 7.08, the council may by ordinance authorize such expenditures and issue emergency debt certificates to run not to exceed two years. A tax 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 an issue of such emergency debt certificates shall state the nature of the emergency and be approved by a majority of the full council. It may be passed as an emergency ordinance.
(Ord. 556, passed 6-27-2016)