§ 39:527 — Revenue anticipation notes

§527. Revenue anticipation notes
Any governmental entity, in order to pay its current expenses for any fiscal year, may
issue revenue anticipation notes for the purpose of anticipating the revenues for such fiscal
year. Such revenue anticipation notes shall mature not later than three months after the end
of the fiscal year of the governmental entity. The amount so borrowed by any governmental
entity shall not exceed the estimated income of the governmental entity as shown by the
budget adopted prior to such borrowing, and the income collected as shown by the adopted
budget shall be dedicated and set aside to the payment of the revenue anticipation notes as
they mature.

Legislative History

Acts 2018, No. 569, §1, eff. July 1, 2018.