At any time after January 1, the Council may issue certificates of indebtedness in anticipation of State and Federal aids and the collection of taxes levied the previous year for any fund and not yet collected. The total amount of certificates issued against any fund for any year together with interest thereon until maturity shall not exceed the total of State and Federal aids and current taxes due to the fund and uncollected at the time of issuance. Such certificates shall be issued on such terms and conditions as the Council may determine, but they shall become due not later than the earlier of the estimated date of collection of said revenues or 18 months after the date of issuance. The proceeds of the tax levied and such State or Federal aids as the governing body may have allocated for the fund against which tax anticipation certificates are issued and the full faith and credit of the City shall be irrevocably pledged for the redemption of the certificates.
(Source: Ordinance No. 92, Third Series: Effective Date: 9-26-90)