(A) The City Commission is hereby given the power to issue and sell or to issue internally, anticipation time warrants of the city in an amount not exceeding 50% of the amount established to be realized in a given fiscal year as proceeds of department revenues and ad valorem taxes. Except in case of an emergency, the warrants shall be payable within the current fiscal year from the proceeds of departmental revenues and ad valorem taxes. The warrants may bear interest at a rate not exceeding the legal limit allowed by law. The proceeds realized from the sale of the warrants shall be deposited in the city depository to the credit of specified funds and used to pay appropriated items in the annual budget. Except in case of an emergency, the warrants shall be paid and discharged within the fiscal year from monies collected for the benefit of a particular fund in an amount equal to the proportionate part of the borrowed monies deposited to the credit of the fund, together with interest. Uncollected revenues and taxes already levied, assessed, and provided for may be pledged to secure the warrants. The warrants may be tendered at par and accrued interest in payment of any taxes or assessments of the city.
(B) In case of an emergency seriously threatening the public health, safety, morals, or general welfare, the City Commission is empowered to borrow money and issue warrants repayable from non ad valorem revenue sources subsequent to the close of the fiscal year in which issued, if funds would not otherwise be available to meet the emergency. The warrants may bear interest and shall mature not later than April 1 of the fiscal year next following that in which the warrants were issued; provided, however, that by a majority plus one vote, the City Commission may set any other repayment terms that it deems appropriate. Except when the City Commission sets alternate repayment terms as authorized above, the City Commission shall include a provision for the payment of any warrants which are unpaid at the end of the fiscal year in which issued, in its budget for the following fiscal year. Money borrowed under this power shall be segregated in a particular fund and shall be expended solely to meet and relieve the emergency giving rise to the borrowing, and any amount in the fund in excess of the amount required to meet the emergency shall be applied to the payment of the warrants and accrued interest thereon. At or before the time of borrowing money and issuance of warrants, the City Commission shall pass a resolution of authorization which shall set forth the emergency conditions and lack of funds which necessitate the borrowing.
(Special Acts, Ch. 57-1754, § 182; Ch. 61-2712, § 28) ('58 Code, § 45.120) (Ord. 85-76, passed 7-30-85)