Interim notes may be issued only if, upon the issuance of the interim notes, the aggregate principal amount of interim notes outstanding under this subtitle does not exceed 50% of the amount of appropriations for capital projects approved in a capital budget to the extent the same are to be financed from borrowing and the borrowing is not, at the time of issuance of the interim notes, authorized pursuant to an enacted bond issue authorization ordinance.
(Bill No. 2-17)