(A) The Town Council, by this section, hereby authorizes the Town Clerk-Treasurer to secure a line of credit or such other form of indebtedness as the Town Council deems reasonable, not to exceed the total sum of $100,000, at such reasonable terms as he or she deem appropriate and commercially reasonable.
(B) Any such sums borrowed pursuant to this section shall be evidenced by warrants and the town has or shall appropriate sufficient revenues from all sources, present and future to meet said borrowing obligations, and does hereby pledge payment of said warrants by the town.
(C) The Town Clerk-Treasurer is hereby authorized to sign any and all documents on behalf of the town necessary to procure said loans and bind the town.
(D) The use of said funds shall be discretionary with the Town Council for use as needed to maintain governmental functionality and provided governmental services to its citizenry including, but not necessarily limited to its Water Department, Municipal Services Department and Police Department.
(Ord. 04-05, passed 8-13-2004)