Burbank Municipal Code Art. 13 Short Term Borrowing

2-4-1301: PROMISSORY NOTES, ETC.:

The City may at any time or from time to time, by resolution adopted by a majority of all the members of the Council, incur indebtedness for any lawful purpose for any period not exceeding five (5) years, evidenced by a contract with any person or by one or more promissory notes executed as provided by said resolution and delivered to any person. [Added by Ord. No. 2462; formerly numbered Section 14- 168; renumbered by Ord. No. 3058, eff. 2/21/87.]

2-4-1302: SUBORDINATION AND REPAYMENT:

Any indebtedness under this article shall be incurred subject and subordinate to any contractual obligation of the City to the holders of any bonds and the principal thereof and interest thereon may be made payable from revenues, or from revenues or the proceeds of the sale of bonds if incurred for a purpose for which bonds may be issued. [Added by Ord. No. 2462; formerly numbered Section 14-169; renumbered by Ord. No. 3058, eff. 2/21/87.]