§ 2-995. Authority of mayor and council to negotiate loans for current expenses.

The mayor and council shall have full power and authority, in their discretion, to negotiate loans on the most advantageous terms to the city to supply the money for any deficiencies that may exist, during any one year, of the funds in the treasury for the purpose of paying the expenses of the city, which may be incurred under the several heads hereinafter mentioned, in any amount not exceeding $2,000,000.00 and not exceeding the amounts set apart under each head for the year in question. As soon as an amount equal to the amounts so borrowed is paid into the treasury by taxation or from any other sources of revenue not already applied to other debts or liabilities of the city, the mayor and council shall at once apply the amounts or as much as may be necessary to the repayment of the loans or the mayor and council shall be authorized in their discretion to make partial payments upon the loans with any moneys that may come into the treasury, from time to time, under the restrictions provided in this section. In either case the total amount of the loans shall be repaid out of the income of the year in which the loans were made.

(Code 1977, § 7-4081)