That the interim note, or notes, be of the form and content as provided in the basic agreement, be dated as of the date of their execution and delivery, shall be expressed to mature on a definite payment date, which date shall be the same for all interim notes issued for a particular project and not to exceed five years from the date that the first interim note with respect to a project has been issued, and interest thereon at the agreed rate of interest shall be payable at the time or times as may be provided for in the basic agreement. The interim notes shall be payable by the city and without notice to the holder at any time before maturity and at any financial institution which shall be designated by the city comptroller, including the place where delivery will be made to a purchaser of the general obligation full faith and credit bonds to be issued pursuant to the provisions of Sections 2-32-680 through 2-32-750 of the Municipal Code, above referred to, or as such bonds may be issued in such manner as may then be provided by law.
The interim note, or notes, to be issued shall be made payable in the manner as provided in the basic agreement and shall contain such terms and conditions as shall be provided in such interim note ordinance authorizing the temporary borrowing, and such interim note, or notes, shall be an obligation of the city for which the full faith and credit of the city shall be pledged for the payment thereof. The city and the holder, or holders, of its interim note, or notes, may mutually agree that the time of payment of any interim note, or notes, may be extended for a period of not to exceed two years beyond its stated maturity date, and evidence of such extension be noted on the face of such interim note, or notes, so extended by the signatures of the mayor, of the city comptroller and to be attested by the city clerk and also to be signed by an authorized representative of the other parties to the basic agreement. Such ordinance shall further provide that the payment of principal and interest on such interim note, or notes, shall be made simultaneously with the delivery to the purchaser of the general obligation full faith and credit bonds previously authorized or to be authorized and issued by the city. If, for any reason, sufficient funds are not available from the proceeds of bonds to be issued, the city will take such action as may be necessary, including the levy of taxes for such purpose, to provide sufficient funds to pay in full such interim note, or notes, and interest thereon to the date of its payment; that the execution of any such interim notes as herein provided shall not cause any officer signing the same on behalf of the city to be personally liable by reason of such signing and the issuance thereof.
(Prior code § 7-83)