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)