§ 1120 - Temporary loans for current expenses - Vermont Statutes

§ 5-1120. Temporary loans for current expenses

At any time or times in any fiscal year of the city, the city council may borrow money not in excess of a specified sum for the purpose of paying the debts and expenses of the city due and to become due before the close of the fiscal year, and to issue the city's notes therefore, as provided by law. Such notes shall be signed by the mayor and the city treasurer and shall be payable within twelve months from the date of issue from the proceeds of the annual tax for the following year or the proceeds of loan in anticipation thereof, but they shall nevertheless be negotiable and shall constitute general obligations of the city and may be refunded as provided by law.