§ 29-15-105 — Tax anticipation note details

(1) Except as provided in
subsection (2) of this section, any tax anticipation notes may be issued in one or
more series, bear such dates, be in such denomination or denominations, mature on
any date or dates occurring on or before the last day of the fiscal year of the public
body in which the tax anticipation notes are issued, mature in such amount or
amounts, bear interest at such rate or rates, be in such form, be payable at such
place or places, and be subject to such terms of redemption with or without a
premium as the legislative act of the governing body authorizing the issuance of the
tax anticipation notes may provide. The tax anticipation notes may be sold at,
above, or below the principal amounts thereof whenever such action is in the public
interest, as determined by the governing body. The tax anticipation notes may be
sold at either a public or a private sale, as determined by the governing body.

(2) Any tax anticipation notes issued by a school district may be issued in
one or more series, bear such dates, be in such denomination or denominations,
mature on or before August 31 of the fiscal year immediately following the fiscal
year in which the tax anticipation notes were issued, mature in such amount or
amounts, bear interest at such rate or rates, be in such form, be payable at such
place or places, and be subject to such terms of redemption with or without a
premium as the legislative act of the governing body authorizing the issuance of the
tax anticipation notes may provide. The tax anticipation notes may be sold at,
above, or below the principal amounts thereof whenever such action is in the public
interest, as determined by the governing body. The tax anticipation notes may be
sold at either a public or a private sale, as determined by the governing body.

Legislative History

Source: L. 85: Entire article added, p. 1055, � 1, effective June 6. L. 95: Entire section amended, p. 608, � 6, effective May 22.