Any city or town, by resolution of its city or town council, may authorize the issuance of notes in any fiscal year in anticipation of the receipt of water and sewer tax and user charge revenues, in a principal amount which, together with any money borrowed in anticipation of these revenues in any prior fiscal year that remains unpaid, shall not exceed in the aggregate eighty percent (80%) of the total amount of those revenues due or expected to be received during the fiscal year, as estimated by the director of finance or treasurer. Notes issued under this section are payable within one year from their dates and may be refunded; provided, that the period from the date of an original note to the maturity of any note issued to refund the same debt does exceed one year.
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