§ 11811.2. Borrowing in anticipation of current revenue.
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/pa/title-11/chapter-118/11811-2·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
§ 11811.2. Borrowing in anticipation of current revenue.
In accordance with 53 Pa.C.S. Pt. VII Subpt. B (relating to indebtedness and borrowing), cities may:
(1)borrow money in anticipation of current revenues to an amount of not more than the anticipated current revenues, which shall be pledged for the payment of the loan or loans; and
(2)issue notes or other forms of obligation in evidence of the debt.
11c11812s