§ 16-22-8-45 — Tax anticipation warrants

(a) Temporary loans may be authorized and
made by the board of trustees in anticipation of the collection of taxes
of the corporation actually levied and in course of collection for the
fiscal year in which the loans are made. The loans shall be authorized
by ordinance and evidenced by warrants in the form provided by the
ordinance. The warrants must state the following:
(1) The total amount of the issue.
(2) The denomination of the warrant.
(3) The time and place the warrant is payable.
(4) The rate of interest not exceeding five percent (5%).
(5) The funds in anticipation of which the warrants are issued and
out of which the warrants are payable.
(6) A reference to the ordinance authorizing the warrant and the
date of the warrant's passage.
(b) The ordinance authorizing the temporary loans shall appropriate
and pledge sufficient current revenue in anticipation of which the
warrants are issued and out of which the warrants are payable. The
warrants evidencing the temporary loans shall be executed, sold, and
delivered as the bonds of the corporation.
[Pre-1993 Recodification Citation: 16-12-21-40.]

Legislative History

As added by P.L.2-1993, SEC.5.