Legislative findings and policy.

Wilmington City Code § 2-398

in effect

Sec. 2-398. - Legislative findings and policy. (a) It is hereby determined and declared as a matter of legislative finding that: (1) Even though the taxes and other revenues received by the city in a given period equal or exceed the expenditures made by the city during such period, the differences in timing between the receipt of such revenues and the making of such expenditures may at certain times cause the city's cash balances to be undesirably low. (2) If such differences in timing would result in the city not having sufficient cash on hand to meet its current expenses, the city, without the passage of this division, would not have the power to borrow money to relieve such a temporary cash flow shortfall. (3) Such a shortfall might force the city to defer certain expenditures, to the detriment of the city. (4) To insure fiscal responsibility, no funds shall be borrowed pursuant to this division unless secured by anticipated taxes or other revenues. (b) Therefore, it is hereby declared to be the policy of the city to promote the financial integrity of the city and the general welfare of its people by providing for the issuance of tax and revenue anticipation notes, shortterm obligations secured by a pledge of taxes and/or other revenues to be received during the fiscal year in which the notes mature, for the purpose of promoting flexibility in the city's financial planning and avoiding possible harm to its credit reputation caused by a temporary inability to make expenditures when planned. Proceeds of the notes will supplement the tax and revenue receipts of the city and be available to pay the expenses of the city when taxes and other revenues are insufficient for such purpose. Such are hereby determined to be the public purposes for which tax and revenue anticipation notes may be issued. (Code 1968, § 30-62; Ord. No. 94-027, § 1, 5-12-94)

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_S2-398LEFIPOFetched: 11/6/2026