[Adopted 9-23-1976 as Sec.
2-1 of the Charter and Revised Ordinances]
Pursuant to the authority contained in Public Act Number 13 of the January
session of 1957 of the General Assembly, and in accordance with subsequent
amendments and modifications thereto, the Board of Apportionment and Taxation
is authorized in the name of the City to borrow temporarily such sums from
time to time as in its opinion may be needed for City purposes in anticipation
of such taxes as shall have been previously laid by the City or shall thereafter
be laid by the City in the calendar year in which such temporary loans in
anticipation of taxes are made; provided, however, that the total outstanding
obligations of such temporary loans at any time shall not exceed the sum of
$1,000,000.
