Limitation on amount of notes.

Wilmington City Code § 2-403

in effect

Sec. 2-403. - Limitation on amount of notes. The council shall not authorize the issuance of tax and revenue anticipation notes for any fiscal year which in the aggregate shall exceed 50 percent of: (1) In the case of notes solely payable from and secured by a pledge of taxes, the amount of such taxes levied for the fiscal year during which the notes mature; (2) In the case of notes solely payable from and secured by a pledge of revenues other than tax revenues, the amount of such revenues pledged; or (3) In the case of notes payable from and secured by a pledge of taxes and other revenues, the sum of such taxes levied and revenues pledged; which, in all three cases, are certified, pursuant to section 2-407 as remaining to be collected or received in the fiscal year during the period when the notes will mature. The certificate shall be as of a date not more than 30 days prior to, and no later than the date of the adoption of the note ordinance authorizing the issuance of the tax and revenue anticipation notes. (Code 1968, § 30-70; Ord. No. 91-033, § 1(30-70), 6-6-91)

Source: City of Wilmington, Delaware, City Code, City Charter and Related Laws (Municode Library, library.municode.com)URL: https://library.municode.com/de/wilmington/codes/code_of_ordinances?nodeId=PTIIWICO_CH2AD_ARTVIFI_DIV6TAREANNO_S2-403LIAMNOFetched: 11/6/2026