1. (a) If the city fiscal body authorizes the borrowing by ordinance, the board of directors may borrow money by negotiating a temporary loan in anticipation of taxes already levied and in process of collection or distribution in the current year.

2. (b) The notes, warrants, or other evidences of indebtedness must:

   1. (1) be executed by the city executive and attested by the clerk-treasurer; and

   2. (2) be payable not later than the end of the calendar year in which the auditor of the county or the clerk-treasurer of the city will collect and distribute the taxes in anticipation of which the temporary loan is made and the money borrowed.

      [Pre-1993 Recodification Citation: 16-12.2-5-15.]

As added by P.L.2-1993, SEC.6.