Emergency notes may be issued upon the circumstances specified in section 10.12(b) of this charter and may be secured in any manner determined by council, including by a pledge of the full faith and credit and the general taxing power of the town. Emergency notes may be renewed from time to time as the needs of the town require; however, emergency notes and any renewed notes shall mature and be paid no later than the last day of the fiscal year next succeeding the year in which the emergency appropriation was made.