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AN ORDt!~ANCE TO ~?"~ SECTIONS 10-18 ~ 10-19 <br />10-20 OF ~E CODE OF THE C~'Z OF PON~S?dOb~fH~ <br />VIRGINIA~ 1961~ Rf~ATING TO BOPuROWING BY ~S <br />OF NOTES. <br /> <br /> Be it ordained by the Council of the City of <br />Portsmouth~ Vir~i~nia~ that Sections 10-18, 10-19 <br />and 10-20 of the Code of the City of Portsm~ut~ ~ <br />Virginia ~ 1961, be amended and reordained to read <br />as follows: <br /> <br />Sec. 10-18. Loans to meet appropriations for <br /> current year. <br /> <br /> The mayor and the city m~mger are authorized <br />to m~{e notes~ tkareugh the proper office-~s~ ~o <br />borrow money for the p~u~pose of meetL~g appropri- <br />atioms made for the then current year in antici- <br />pation of the collection of the taxes and revenues <br />of such fiscal year, s~,,d within the smo'mnt of such <br />appropriations, and to renew m~j such notes becom- <br />img due, when such renewals a~e necessary. Such <br />lo~ns shall ma~tue ~nd be paid within one year fr~a <br />the date of their issue. _Provisions shall be made <br />Ln the anr~ua! bu_c~ev of each year for the p~env <br />of all ,mnpaid loans predicated upon the zaxes mud <br />revenues of the previous fiscal yea~. <br /> <br />Sec. 10~!9. Loans ~u muticipation of bond issue. <br /> <br /> In anticipation of the issuance of bonds and <br />of the receip~ of ~the proceeds of sale of such <br />bonds~ the mayor and the city mansger ape author- <br />ized vo ntel4e noves~ t,hreugn the proper officers~ <br />~o oorrow money for the ptu~pose for which such <br />bonds b~ve been authorized and within the <br />msxLm~c authorized mmoumv of the bond issue, mud <br /> <br /> <br />