(A) The Town Council and/or Clerk-Treasurer is authorized to seek a bid(s) from a bank to obtain financing to be used in the exercise of the powers of the town.
(B) The Town Council and/or Clerk-Treasurer shall comply with I.C. 36-5-2-11 et seq., as amended, and all other statutory procedures for obtaining such financing.
(C) The loans obtained herein cannot exceed five years in duration and may not exceed 5% of the town’s total tax levy in the current year.
(2000 Code, § 3-11) (Ord. 2008-7, passed 11-11-2008)