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SEC. 7.12 ACCOUNTING PROCEDURE.
   The council may prescribe and enforce generally accepted accounting methods, forms, blanks, and other devices consistent with the law, the Charter, and ordinances adopted in and accord therewith.
SEC. 7.13 CITY INDEBTEDNESS.
   Except as provided in sections 7.14 and 7.15, no obligations shall be issued to pay current expenses, but the council may issue and sell obligations for any other municipal purpose in accordance with law and within the limitations prescribed by law. Except in the case of obligations for which an election is not required by this Charter or by state law, no such obligations shall be issued and sold without the approval of the majority of the electors of the city voting on the question at a general or special election.
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)