Subdivision 1. If in any year the receipt from taxes 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 to run not to exceed three (3) 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 the issue of such emergency debt certificates shall state the nature of the emergency and be approved by at least four (4) members of the Council. It may be passed as an emergency ordinance.
Subdivision 2. A description of each proposed certificate shall be published in the official newspaper, but failure to give such description, or any defect in the description, shall not invalidate the certificate.
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