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and to renew any such notes becoming due, when such renewals are <br />necessary. Such loans shall mature and be paid within one year <br />from the date of their ~ssue. Provisions shall be made in the <br />annual budget of each year for the payment of ~11 unpaid loans <br />predicated upon the taxes and revenues of the previous fiscal <br />year. <br /> <br />Section 10-19. Notes in anticipation of bond issue. <br /> <br /> In anticipation of the ~ssuance of bonds and of the <br />receipt of the proceeds of the sale of such bonds, the City Man- <br />ager and the Director of Finance are authorized to make notes, <br />through the proper officers, to borrow money for the purposes <br />for which such bonds have been authorized and within the maximum <br />authorized amount of the bond issue, and to renew any such notes <br />becoming due, when such renewals are necessary. Each such loan <br />shall mature and be paid within two years from the date of its <br />original issue; provided that on or after such maturity any loan <br />now outstanding or hereafter made may be extended from time to <br />time; provided further that no such extension shall mature and be <br />paid later than five years from the date of the original issue of <br />said loan. <br /> <br /> Any such loans may be retired by means of current re- <br />venues, special assessments or other funds, in lieu of retiring <br />them by means of bonds; provided, that the maximum amount of <br />bonds that has been authorized shall be reduced by the amount <br />of such loans retire~ in such manner. <br /> <br />Section 10-20. Accompanying certificate. <br /> <br /> (a) The certificate hereinafter Set out shall accompany <br />each note for the borrowing of funds issued pursuant to section <br />10-18. Such certificate shall be, as appropriate in either of the <br />following forms: <br /> <br />Portsmouth, Va .......... 19.. <br /> <br /> The City Treasurer ~s hereby instructed by the City Man- <br />ager and the Director of Finance of the City of Portsmouth, Vir- <br />ginia, to make notes ~n ......... to amount of $ ........ for .... <br />........ days, to meet current expenses of the City; said amount <br />to be repaid from the revenues of the City within one year. <br /> <br /> This instruction is given in accordance with section <br />10-18 of The Code of the City of Portsmouth, Virginia, 1961. <br /> <br />City Manager <br /> <br />-2- <br /> <br /> <br />