76.13 - INTERIM FINANCING.
76.13 INTERIM FINANCING.
1. A public body authorized to issue bonds may issue project
notes in anticipation of the receipt of any of the following:
a. Proceeds from the issuance of public bonds or obligations
previously authorized.
b. Proceeds to be received pursuant to law or agreement from
any state or federal agency.
c. Income or revenues from sources to be received and
expended for the project during the project construction or
acquisition period.
d. Any combination of paragraphs "a" through "c".
2. Notes shall be issued in the form and manner provided in a
resolution of the governing body of the issuer. The resolution may
set forth and appropriate the moneys anticipated by the notes.
3. The resolution may provide that to the extent issued in
anticipation of public bonds or obligations, notes shall be paid from
the proceeds of the issuance of public bonds or obligations. To the
extent issued in anticipation of bonds, note proceeds shall be
expended only for the purposes for which the bond proceeds may be
expended.
4. Notes shall not be issued in anticipation of public bonds or
obligations in an amount greater than the authorized amount of the
public bonds or obligations and moneys appropriated for the same
purposes.
5. a. Notes may be sold at public or private sale and bear
interest at rates set by the governing body of the issuer at the time
of their issuance notwithstanding chapter 74A.
b. The authority of a public body to issue project notes
under this section is in addition to any other authority of the
public body to issue other obligations as otherwise provided by law.
Section History: Recent Form
83 Acts, ch 90, § 5
Referred to in § 75.9