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CHAPTER 1. - SHORT TERM BORROWING#
Sec. 5-100. - Tax anticipation borrowing.#
The council may, insofar as permitted by law, authorize the borrowing of money in anticipation of the collection of taxes, the funds to be used for the general operating budget of the city; provided, however, that: (1)
The aggregate indebtedness of the city on such borrowings shall not exceed 80 percent of the anticipated sums to be collected from taxes levied by the city during the fiscal year.
(2)
For the purposes hereof it shall be assumed that the sums to be collected from taxes levied by the city during the fiscal year shall be no greater than the average percentage of such collections during the three prior fiscal years.
(3)
All sums borrowed in anticipation of taxes shall be repaid before the close of the fiscal year in which said sums shall be borrowed.
(7-25-1955, § 1; 5-22-1964, § 1)
Sec. 5-101. - Signing bonds and notes.#
All bonds issued by the city and all notes of the city shall be signed by the mayor and director of finance.