§ 29-15-104 — Issuance of tax anticipation notes

(1) Any public body may
issue, from time to time, tax anticipation notes without an election if its governing
body determines that the taxes to be received by the public body will not be
received in time to pay the public body's projected budgeted expenses. Such tax
anticipation notes shall be issued in anticipation of the collection of taxes
estimated by the governing body to be received within its then current fiscal year.

(2) (a) Tax anticipation notes shall be both issued and made payable within
the fiscal year for which such taxes are levied.

(b) The provisions of this subsection (2) limiting the term of tax anticipation
notes shall not apply to tax anticipation notes issued by school districts on and
after January 1, 1992.

(3) Tax anticipation notes may be paid from the proceeds of ad valorem
taxes on real and personal property, investment proceeds on the ad valorem taxes,
or the proceeds from the tax anticipation notes.

Legislative History

Source: L. 85: Entire article added, p. 1055, � 1, effective June 6. L. 90: (2) amended, p. 1084, � 46, effective May 31.