Sec. 15-101n. Refunding bonds. Bond anticipation notes.
Sec. 15-101n. Refunding bonds. Bond anticipation notes. (a) Any bonds issued
under the provisions of section 15-101l or to refund any such bonds issued under such
section, and at any time outstanding may at any time from time to time be refunded by
the state by the issuance of its refunding bonds in such amounts as the State Bond
Commission may deem necessary, but not exceeding an amount sufficient to refund the
principal of the bonds to be so refunded, any unpaid interest thereon and any premiums
and commissions necessary to be paid in connection therewith and to pay costs and
expenses which the Treasurer may deem necessary or advantageous in connection with
the authorization, sale and issuance of refunding bonds. Any such refunding may be
effected whether the bonds to be refunded shall have matured or shall thereafter mature.
All refunding bonds issued hereunder shall be payable and shall be subject to and may
be secured in accordance with the provisions of section 15-101l.
(b) Whenever the State Bond Commission has adopted a resolution authorizing
bonds pursuant to section 15-101l, the Treasurer may, pending the issue of such bonds,
issue, in the name of the state, temporary notes and any renewals thereof in anticipation
of the proceeds from the sale of such bonds, which notes and any renewals thereof shall
be designated "Bond Anticipation Notes". Such portion of the proceeds from the sale
of such bonds as may be so required shall be applied to the payment of the principal of
and interest on any such bond anticipation notes which have been issued. The principal
of and interest on any bond anticipation notes issued pursuant to this subsection may
be repaid from pledged revenues or other receipts, funds or moneys pledged to the
repayment of the bonds in anticipation of which the bond anticipation notes are issued,
to the extent not paid from the proceeds of renewals thereof or of the bonds.
(P.A. 81-406, S. 6, 10; P.A. 87-396, S. 3; June Sp. Sess. P.A. 01-5, S. 13, 18.)
History: P.A. 87-396 amended Subsec. (a) by authorizing the payment of costs and expenses which the treasurer may
deem necessary or advantageous and amended Subsec. (b) by authorizing the payment of the principal and interest on any
bond anticipation notes from pledged revenue or other receipts, funds or moneys pledged to the repayment of the bonds
in anticipation of which the bond anticipation notes are issued, to the extent not paid from the proceeds of renewals thereof
or of the bonds; June Sp. Sess. P.A. 01-5 changed references to Sec. 15-101l(a) to Sec. 15-101l in Subsecs. (a) and (b) and
amended Subsec. (a) by adding provision re refunds of any bonds issued under Sec. 15-101l and deleting provision requiring
that refunding bonds be payable "solely from the revenues out of which the bonds to be refunded thereby are payable",
effective June 2, 2001.