Sec. 15. Same—Borrowing in anticipation of taxes; evidences
of debt; interest.
The council may also borrow money in anticipation of the
collection of the taxes and revenues in the city, in the amount
or amounts not exceeding two hundred thousand dollars at any
one time. The council may issue negotiable notes or other evidences
of debt for all money borrowed under this section. Such
notes or other evidences of debt may be renewed from time to
time, but all such notes or other evidences of debt shall mature
within twelve months. No money shall be borrowed under this
section at a rate of interest exceeding six per cent per annum,
and it shall be the duty of the council to provide in the next
bond issue for the bonding of the floating debt thus created.
(1950, c. 413.)
Effect of amendment.—The 1950 amendment increased the maximum
amount which may be borrowed at any one time from $100,000 to
$200,000.
