In anticipation of the sale of obligations, the City Commission may, by resolution, issue notes and may renew the same from time to time. Such notes may be paid from the proceeds of the obligations, the proceeds of the assessments, the proceeds of the notes and such other legally available moneys as the City Commission deems appropriate by resolution. Said notes shall mature within five years of their issuance and shall bear interest at a rate not exceeding the maximum rate provided by law. The City Commission may issue obligations or renewal notes to repay the notes. The note shall be issued in the same manner as the obligations.
(Ord. 1166, passed 6-2-05)