§ 29-14-105 — Bond anticipation note details

(1) Any bond anticipation notes
may mature at such time not exceeding a period of time equal to the estimated time
needed to effect the purpose for which they are issued, but not exceeding five
years from the date or respective dates of the bond anticipation notes, as the
governing body may determine. Bond anticipation notes may be issued in such
denominations as determined by the governing body.

(2) The interest rate per annum on the bond anticipation notes shall be
stated in the legislative act authorizing the issuance of the bond anticipation notes.
Said interest rate may be evidenced by one or more set of coupons attached to said
bond anticipation notes. Said interest rate need not be fixed at the time of the
passage of such legislative act but may vary based on a fixed formula determined
by the governing body and set forth in the legislative act authorizing the issuance
of the bond anticipation notes. Said variable interest rate may not exceed the
authorized maximum net effective interest rate.

(3) The bond anticipation notes may be sold, at, above, or below the principal
amounts thereof, as may be in the public interest.

(4) The bond anticipation notes may be sold at either public or private sale,
as determined by the governing body.

Legislative History

Source: L. 81: Entire article added, p. 1420, � 1, effective July 1.