In any budget year, in anticipation of the collection or receipt of revenues of the budget year, the council may by resolution authorize the borrowing of money by the issuance of negotiable notes of the city, each of which shall be designated revenue note for the year 2..... (stating the budget year). The notes may be renewed from time to time; but all notes, together with the renewals thereof, shall mature and be paid not later than the end of the fiscal year after the budget year in which the original notes have been issued. The borrowing shall be subject to any limitation on amount provided by statute.
Alabama Legal Code