§ 116. Certificates of deposit. The legislative body of a city may
authorize and empower its chief fiscal officer, in his discretion, to
issue certificates of deposit, each in the sum of ten dollars, or any
multiple thereof, and at such a rate of interest, if any, as he shall
prescribe and to sell the same for not less than their face value at
private sale, in such manner and at such times as he deems best for the
public interest so to do. The proceeds of such sales shall be used only
for the purpose for which such certificates of deposit are issued. The
certificates so sold as aforesaid may be used only by the holders
thereof for the payment of taxes and/or assessments levied by the city
when such taxes and/or assessments are or shall become due and payable,
and such certificates shall be taken by the treasurer of such city for
the payment of such taxes and/or assessments at the par value thereof
and any accrued interest thereon, provided, however, that each such
certificate shall cease to bear interest after the expiration of two
years from the date thereof.