4558

MUNICIPAL CHARTERS

During the first six months of any fiscal year, the
town may borrow in anticipation of the collection of the
property tax levied for that fiscal year, and may issue
tax anticipation notes or other evidences of indebtedness
as evidence of such borrowing. Such tax anticipation
notes or other evidences of indebtedness shall be a first
lien upon the proceeds of such tax and shall mature and
be paid not later than six months after the beginning of
the fiscal year in which they are issued. No tax
anticipation notes or other evidence of indebtedness of
the town to exceed fifty per centum (50%) of the property
tax levy for the fiscal year in which the notes or other
evidences of indebtedness are issued. All tax
anticipation notes or other evidences of indebtedness
shall be authorized by ordinance before being issued.
The council shall have the power to regulate all matters
concerning the issuance and sale of tax anticipation
notes.

62.   Payment of indebtedness.

The power and obligation of the town to pay any and
all bonds, notes, or other evidences of indebtedness
issued by it under the authority of this charter shall be
unlimited and the town shall levy ad valorem taxes upon
all the taxable property of the town for the payment of
such bonds, notes, or other evidences of indebtedness and
interest thereon, without limitation of amount. The
faith and credit of the town is hereby pledged for the
payment of the principal of and the interest on all
bonds, notes, or other evidences of indebtedness, or in
the ordinance authorizing their issuance.

63.  Previous issues.

All bond, notes, or other evidences of indebtedness
validly issued by the town previous to the effective date
of this charter and all ordinances passed concerning them
are hereby declared to be valid, legal, and binding and
of full force and effect as if herein fully set forth.

64. Purchasing and contracts

All purchases and contracts for the town government
shall be made by the clerk—treasurer. The council may
provide by ordinance for rules and regulations regarding
the use of competitive bidding and contracts for all town
purchases and contracts. All expenditures for supplies,
materials equipment, construction of public improvements,
or contractual service involving more than one thousand
dollars ($1,000) shall be made on written contract. The
clerk-treasurer shall advertise for sealed bids, in such
manner as may be prescribed by ordinance, for all such
written contracts. The written contracts shall be