Authorizing Tax Anticipation Time Warrants for 1988 (2)

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the course of collection for such Fund for the year 1988, which loan shall be evidenced by tax anticipation time warrants of the City bearing interest at a rate or rates per annum not to exceed a maximum rate of eight percent (8%) , the exact rate or rates of interest to be determined by private sale as permitted by law. Such warrants shall be dated as of the date or dates of delivery of such warrants and the interest accruing on the warrants to the date of maturity shall be added to and included in the face value of the warrants. The warrants shall mature and be payable on December 30, 1988. Warrants will bear interest at a rate or rates not to exceed eight percent (8%) per annum on any amounts not paid at maturity. Such warrants, including interest and all necessary costs incurred in connection with the issuance and sale of such warrants, shall be payable from the General Fund and there is hereby appropriated and pledged to the payment of such warrants, including interest and all necessary costs incurred in connection with the issuance and sale of such warrants, a sufficient amount of the current revenues to be received in the General Fund from the distribution of taxes to the General Fund on or before December 30, 1988, for the punctual payment of the principal of and interest on such warrants evidencing such temporary loan, together with such issuance costs, with the amount of interest on such warrants computed from the date or dates of such warrants to the date of maturity, at the interest rate or rates agreed to by the authorized purchaser or purchasers of such warrants. -4-