§ 6.05. Borrowing in anticipation of property taxes.

In any fiscal year, in anticipation of the collection of the ad valorem property tax for such year, whether levied or to be levied in such year, the council may by ordinance or resolution authorize the borrowing of money, not to exceed in any fiscal year an amount equal to ten (10) percent of the budget for such fiscal year. Such borrowing shall be by the issuance of negotiable notes of the city, each of which shall be designated "tax anticipation note for the year ___ " (stating the tax year). Such notes shall mature and be payable not later than the end of the fiscal year in which issued, and may be secured by the pledge of the ad valorem property taxes for such year.