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their issuance. The proceeds of the tax levied and such state or federal aids as the <br />governing body may have allocated for the fund against which tax anticipation <br />certificates are issued and the full faith and credit of the city shall be irrevocably pledged <br />for the redemption of the certificates. <br />Section 7.12. Emergency debt certificates. <br />If in any year the receipts from taxes or other sources should from some <br />unforeseen cause become insufficient for the ordinary expenses of the city, or if any <br />calamity or other public emergency necessitates the making oi extraordinary <br />expenditures, the council may by ordinance issue on such terms and in such manner as <br />the council determines emergency debt certificates to run not to exceed three years. A <br />tax sufficient to pay principal and interest on such certificates with the margin required <br />by law shall be levied as required by law. The ordinance authorizing an issue of such <br />emergency debt certificate sha11 state the nature of the emergency and be approved by at <br />least five members of the council. It may be passed as an emergency ordinance. <br />092000.doc 28 <br />