SECTION VII-10.  TEMPORARY LOANS.
   In anticipation of the collection of current revenues in any fiscal year, the Municipality may borrow money and issue certificates of indebtedness therefor, signed as municipal bonds are signed, but no such loans shall be made to exceed the amount estimated to be actually received from taxes or other current revenues, for such fiscal year, after deducting all advances, nor shall any such loan be made in anticipation of the February tax settlement before January 1 of the year of such tax settlement. The sum so anticipated shall be deemed appropriated for the payment of such certificates at maturity. The certificates shall not run for a longer period than six months (6 mos.) nor bear a greater rate of interest than prevailing interest rates and current market conditions dictate, and shall not be sold for less than the par value thereof with accrued interest.
(11-2-82)
EDITOR'S NOTE: Article VII, Section 11, Sinking Fund,
was repealed November 2, 1971.