§ 1119 - Temporary loans in anticipation of taxes
§ 5-1119. Temporary loans in anticipation of taxes
The city council shall have authority to borrow money in any fiscal year in anticipation of taxes in an amount not to exceed 90% of the amount of taxes assessed for such year, or 90% of the amount of taxes assessed for the prior year if the taxes for the current year have not been assessed, and may issue the city's notes therefore. Such notes shall be signed by the mayor and by the city treasurer and shall be payable within twelve months from the date of issue from the tax receipts in anticipation of which such notes were given, but they shall nevertheless be negotiable and shall constitute general obligations of the city. Such notes shall be designated "tax anticipation loan", but the proceeds shall be considered as revenue of the city in ascertaining the amount which may be expended in any one year.