§ 7.13. Temporary financing.

The council may provide for temporary financing of any improvement or property by the issuance of bond anticipation notes in anticipation of the sale of bonds which have been duly authorized hereunder or under any other law, but all such bond anticipation notes, including any renewals thereof, shall finally mature not later than three years from the date of the original notes. All such bond anticipation notes shall have the same security as the bonds in anticipation of which such notes are issued. The council may also provide for the issuance of interim certificates or temporary bonds pending the delivery bonds which have been duly awarded and sold. The council shall prescribe the dates of issue and maturity, form and all other details of such bond anticipation notes, interim certificates or temporary bonds. The council may also provide that short term financing be done with competitive bidding on the open market.