(A) The city by and through the Mayor, with approval of the Council, shall have the authority to borrow a sum, or sums, of money in anticipation of future tax revenues as is necessary for the operation of the city.
(B) The borrowing authority shall be construed to comply with the provisions of KRS 65.7701 to 65.7721.
(C) The City Clerk/Treasurer shall notify the state local debt officer in writing prior to any amounts being borrowed. The notification shall contain the terms of the notes, including the interest rates or method of determining rates, the approximate date of issue, the maturity dates, the trustee or paying agent, if any, and shall include a copy of the certificate of the governmental agency as to taxes or revenues to be collected during the term of the notes.
(Prior Code, § 33.06) (Ord. passed 6-12-2006)