Sec. 4-26. - Issuance and sale of notes in anticipation of bonds.

In anticipation of the issuance of bonds approved pursuant to article IV, section 28, the Council may by resolution authorize the issuance of negotiable notes. Each such note shall be designated "bond anticipation note" and, including renewals, shall mature and be paid not more than fourteen (14) calendar months after the date of issuance of the original note. Unless otherwise provided by ordinance, all bond anticipation notes may be sold by the director of finance at private sale without previous public offering.