§ 7.04. Notes in anticipation of bonds and revenue.

Whenever an issue of bonds for any capital improvement project has been authorized as hereinafter provided, the director of finance, when authorized by ordinance, shall have power to issue notes of the city in anticipation of such bonds, for the purpose of defraying the whole or any part of the cost of such project. Such notes in anticipation of bonds shall be authenticated by the signature of the director of finance and shall mature not later than twelve (12) months after the date of issue. They shall be paid at maturity from the proceeds of the sale of the bonds in anticipation of which they have been issued. Notes in anticipation of revenue shall be authorized by the council by ordinance. They shall be authenticated by the signature of the director of finance and shall mature not later than twelve (12) months after the date of issue. If not paid at maturity, the amount of such unpaid notes shall be included as an appropriation in the general fund budget for the ensuing fiscal year.