At any time after January 1, following the making of an annual tax levy, the council can issue certificates of indebtedness in anticipation of the collection of taxes levied for any fund not yet collected. The total amount of certificates issued against any fund for any year with interest until maturity cannot exceed 90 percent of the total current taxes for the fund uncollected at the time of issuance. The certificates can be issued on terms and conditions the council decides and can bear interest at no more than the legal rate, but they must become due and payable not later than the first day of April of the year following their issuance. The proceeds of the tax levied for the fund against which tax anticipation certificates are issued and the full faith and credit of the city must be irrevocably pledged for the redemption of the certificates in the order of their issuance against the fund.
(Section 7.15 amended by Ord. 2004-8, passed 4-5-2004)