§10 24 - Revenue bond anticipation notes.
[§10‑24] Revenue bond anticipation notes. In anticipation of the issuance under this part of revenue bonds authorized by the board and of the receipt of the proceeds of sale of the bonds, the board shall have power to issue and sell bond anticipation notes for the purposes for which the bonds have been authorized, the maximum principal amount of which shall not exceed the authorized principal amount of the bonds. The notes shall be payable solely from and secured solely by the proceeds of the sale of the bonds in anticipation of which the notes are issued and the revenues from which would be payable and by which would be secured the bonds; provided that to the extent the principal of the notes is paid from moneys other than the proceeds of the sale of the bonds, the maximum amount of bonds in anticipation of which the notes are issued that has been authorized shall be reduced by the amount of the notes so paid. The issuance of the notes and the details thereof shall be governed by this part with respect to bonds as applicable; provided that:
(1) Each note, together with all renewals and extensions, or refundings by other notes issued under this section, shall mature within five years from the date of the original note; and
(2) The notes may be sold at public or private sale, as the board may determine. [L 1994, c 283, pt of §2(2)]