Sec. 4-18. - Borrowing in anticipation of property taxes.

If necessary the Council shall authorize the issuance of any notes which lawfully may be issued by the City in anticipation of taxes an amount not to exceed eighty (80) per centum of the taxes due for that fiscal year, and all revenue from the collection of taxes on real and personal property beginning with the day subsequent to the date on which any such notes are issued shall be reserved for the payment of said notes and shall not be available for any other purpose until such borrowing in anticipation of taxes has been repaid.