(a)

(1) Cities of the first class may further assign to the lender or to a trustee for the lender as security for the repayment of borrowed moneys, the uncollected general municipal property taxes then extended upon the county tax books to be collected during the current year.

(2) The assignment shall be executed in the name and in behalf of the city by the mayor and city clerk, duly acknowledged and recorded on the real estate mortgage record in the county or judicial circuit where the city may be situated. A certified copy thereof shall be delivered by the lender or trustee for him to the county collector of revenue.

(b)

(1) As the city taxes are collected, the county collector may pay them over, less his commission, to the lender of the money or trustee for him, upon surrender to the collector of a note or certificate of indebtedness secured by the assignment, which instrument shall be accepted by the city as the equivalent of money in its settlement with the collector.

(2) (A) At the time of paying the money over to the lender or his trustee, the collector shall cause him, either by noting on the margin of record of the assignment attested by the recorder or by a separate duly acknowledged instrument, to acknowledge payment of the sum so paid.

(i) If, when the collector makes his settlement with the county court, a sufficient sum of city taxes has not been collected to pay in full the debt secured thereby, the balance of funds on hand applicable to the debt shall be paid over by the collector to the assignee and credited against the debt.

(ii) The payment shall be shown of record as specified in this section.

(iii) The unpaid balance shall constitute a lien on redemption collections from the assigned taxes by the county clerk and shall, at all times, constitute a general obligation of the city, payable from any fund not appropriated by law to some other exclusive purpose.