§ 10.16. Tax anticipation certificates.

The council by resolution may, without a vote of the electorate, from time to time as the cash in the city's treasury is inadequate to meet city obligations as they become due, borrow money by issuing its notes, bonds, tax anticipation certificates or other obligations evidencing the indebtedness of the city therefor and in amounts as the council may prescribe. Such obligations shall be payable not later than March 15, in the year following the calendar year in which they are issued and may bear interest at such rate payable at such time or times as the council shall determine. The amount of such obligations issued shall at the time of issue not exceed the uncollected portion of the tax levy for the current year. Such obligations sold in any one year and the interest thereon shall be a first charge on the monies received by the city's treasury from the taxes thereafter received in the year in which the obligations are sold, and no part of such money shall be used for any other purpose until such obligations and interest thereon shall have been paid or the monies for the payment thereof have been set apart in the city treasury.

Editor's note

Section 10.16 added by Ord. No. 15140, C.F. 258815, adopted by the city council June 28, 1972, pursuant to Minnesota Statutes, Section 410.31; as amended by Ord. No. 15892, C.F. 266019, adopted by the city council Oct. 7, 1975, pursuant to Minnesota Statutes, Section 410.12, further amended, Ord. No. 16997, C.F. 279642, adopted Feb. 3, 1983, pursuant to Minnesota Statutes, Section 410.12.