§ 1786. Borrowing to pay current expenses in anticipation of taxes (a) A municipal corporation, by its legislative branch, may borrow money by the issuance of its notes or orders for the purpose of paying current expenses of the municipal corporation. Such notes or orders, however, must mature within one year from date. (b) A municipal corporation may also borrow money in anticipation of taxes in an amount not to exceed ninety percent of the amount of taxes assessed for such year and may issue its notes or orders therefor to mature not more than one year from the date of the note or order. (c) The assistant judges may borrow money in the name of the county in anticipation of taxes.
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