(a)If, at any time during any fiscal year, but prior to June 25 of that year, there should be a casual deficiency of revenue in the General Fund to pay General Fund obligations or to pay existing debts, the Governor, Secretary of State and State Treasurer (the “issuing officers”) are authorized to issue revenue anticipation notes of the State in an amount they determine necessary to meet and to pay any or all of such obligations or debts.
(b)The issuing officers are hereby authorized to determine the terms, form and contents of such notes and to sell such notes, at such price or prices, at such rate or rates, at public or private sale, in such manner and from time to time, subject to this chapter, as they shall determine. Such notes and any renewals thereof shall mature within 1 year fr
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(a) If, at any time during any fiscal year, but prior to June 25 of that year, there should be a casual deficiency of revenue in the General Fund to pay General Fund obligations or to pay existing debts, the Governor, Secretary of State and State Treasurer (the “issuing officers”) are authorized to issue revenue anticipation notes of the State in an amount they determine necessary to meet and to pay any or all of such obligations or debts.
(b) The issuing officers are hereby authorized to determine the terms, form and contents of such notes and to sell such notes, at such price or prices, at such rate or rates, at public or private sale, in such manner and from time to time, subject to this chapter, as they shall determine. Such notes and any renewals thereof shall mature within 1 year from date of the original issuance of such notes, and shall be payable at a bank (herein referred to as “the bank”) chosen at the discretion of the issuing officers. Such notes shall be imprinted with the stamp of the Governor’s signature and the stamp of the signature of the Secretary of State, and shall be manually signed by the State Treasurer. The Great Seal shall be impressed on all such notes or shall be reproduced thereon, in facsimile, and such signatures and such notes shall be authenticated by an officer of the bank.
(c) The faith and credit of the State are hereby pledged for the payment of the principal of and interest on such notes. All expenses incidental to the advertisement, preparation, issuance and delivery of revenue anticipation notes and the principal of and interest on such notes shall be paid by the State Treasurer from the General Fund.
(d) If, at any time during the fiscal year, but prior to June 15, there shall be a casual deficiency of revenue in the General Fund to pay General Fund obligations or to pay existing debts, the State Treasurer may transfer available money from the State’s special funds to the General Fund to pay such obligations or debts. Such money shall be reimbursed to the appropriate special funds as soon as sufficient General Fund moneys become available, but not later than June 15.