§ 806. Temporary loans.

(a)

The Council, by two-thirds vote of its members, may authorize the Director of Finance to borrow money from other city funds:

(1)

to meet the operating and capital cash requirements of any other fund in anticipation of the receipts from revenues for the current fiscal year. All such loans shall be repaid on or before the due date out of the receipts from revenues of the fiscal year in which they are incurred, and shall become due within not more than nine months from the date of incurring the loan obligation, and in no event beyond the end of the fiscal year in which made; or

(2)

to finance capital improvements from anticipated receipts of revenues for the current calendar year, plus any unencumbered balances from previous years. All such loans shall become due within not more than nine months from the date of incurring the loan obligation.

(3)

Unless otherwise prohibited by law, the Council may by ordinance authorize the borrowing of monies from the unreserved and undesignated fund balances of a fund to meet the operating and capital cash requirements of another fund, provided that the Council makes provision for repayment within a designated time and provided that the repayment include interest at a reasonable rate.

(b)

The Council, by two-thirds vote of its members, may authorize the Director of Finance to borrow monies from non-city sources, using authority approved by the voters or the City Council to finance capital improvements in anticipation of issuing bonds to refinance the loan. All such loans shall become due within not more than nine months from the date of incurring the loan obligation. The City may not use revenues authorized for repayment of bonded indebtedness for repayment of such loans unless the loan is made pursuant to voted authority.