§ 8-6. Borrowing to meet emergency appropriations.

In the absence of unappropriated available revenues or other funds to meet emergency appropriations under the provisions of section 8-5, the council may by resolution authorize the borrowing of money to meet such deficit by the issuance of notes, each of which shall be designated "emergency note" and may be renewed from time to time, but all such notes of any such fiscal year and any renewals thereof shall mature and be payable not later than the last day of the fiscal year next succeeding the fiscal year in which the emergency appropriation was made.