At any time after January 1, the council may issue certificates of indebtedness in anticipation of state and federal aids and the collection of taxes levied for any fund and not yet collected. The total amount of certificates issued against any fund for any year with interest thereon until maturity shall not exceed the total of state and federal aids and current taxes due for the fund and uncollected at the time of issuance. Such certificates shall be issued on such terms and conditions as the council may determine and shall become due no later than April 1 of the year following their issuance. The proceeds of the taxes levied and such state and federal aids as the governing body may have allocated for the fund against which the tax anticipation certificates were issued and the full faith and credit of the City shall be irrevocably pledged for the redemption of the certificates.