Sec. 13½. Borrowing money in anticipation of taxes;
issuing evidences of debt; rate of interest.
The council may also borrow money in anticipation of the collection
of the taxes and revenues in the city, in any amount or
amounts not exceeding one 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.
