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Section 7.10. Accounts and reports. The accounts of the city shall be maintained on an accrual or modifieci accrual basis in accordance with generally accepted governmentai accounting standards and procedures. The city manager shall submit such reports as will be necessary in order to keep the council fiilly infornned of the financial condition of the city. The manager must provide for an annuai audit of the city's finances by either the state auditor or a firm of certified public accountants. A summary of the audit must be published in accordance with state statutes. Section 7.11. City indebtedness. Except as provided in sections 7.12 and 7. I3, no obligations shall be issued to pay current ex�enses, but the council rriay 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 law, no such obligations shall be issued and sold without the approval of the majority of the voters voting on the question at a general or special election. Section 7.12. Anticipatian certificates. At any time after �anuary 1 the council may issue certificates of indebtedness in anticipation of state and federal aids and the collection of taxes levied the previous year for any fund and not yet collected. The totai amount of certificates issued against any fund fot any year together with interest thereon until maturity shall not exceed the total of state and federal aids and current taxes due to the fund and uncollected at the time of issuance. Such certificates shall be issued on such terms and conditions as the council may determine, but they shall become due not later than April 1 of the year following their issua.nce. The proceeds of the tax levied and such state or federal aids as the governu�g body may have allocated for the fund against which tax anticipation certificates are issued and the fiill faith and credit of the city shali be irrevocably pledged for the redemption of the certificates.