Section 14-58-401 - Authority generally(a) Upon a vote of two-thirds (2/3) of the members of the city council, cities of the first class may borrow money for the ordinary operating expenses of the city after January 1 of each year in anticipation of the property tax collections collectible in that year.(b) The sum so borrowed shall not exceed, in the aggregate, fifty percent (50%) of the amount of city taxes extended on the county tax books for collections during the year.(c) These cities shall have power to issue to the lender thereof negotiable but noninterest-bearing evidences of indebtedness for moneys so borrowed, to be executed by the mayor and city clerk in behalf of the city.Acts 1931, No. 233, § 1; Pope's Dig., § 9820; A.S.A. 1947, § 19-4406.