§ 21. Power to Borrow Money on Notes.  


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  • The City of Orlando, Florida, a municipal corporation, be and it is hereby authorized and empowered after April 1st of each and every year, to borrow money for its current operating expense, in an amount or amounts not exceeding thirty (30) per cent of the total anticipated revenue for the year in which such sums are borrowed, or the preceding year, at a rate not exceeding eight per cent per annum, upon a majority vote of the City Council, and to issue therefor its negotiable promissory notes for said sums in anticipation of revenue to be received by the said City during the current year, and said sums not to be borrowed for a period longer, nor said promissory note issued for a period longer, than the following thirty-first day of March of the next ensuing year; any such promissory notes so issued shall be executed by the executive head of the City government of the City of Orlando, and attested by the clerk, under the seal of the said City.

(Laws of Fla. ch. 14265(1929), § 1)