To initiate an interfund loan, the Finance Director shall prepare a loan request for approval setting forth the details of the loan to include a tentative schedule of repayment of the loan principal. The Mayor is hereby authorized to approve interfund loans in an amount necessary to keep the funds of the City solvent, subject to the limitations set forth in this chapter. The total amount of interfund loans outstanding at any time under the authority of this chapter shall not exceed $10,000,000 during any fiscal year. (Ord. 15-23 §1, 2015; Ord. 13-4 §2, 2013).