§ 39:528 — Bond anticipation notes

§528. Bond anticipation notes
A. Any governmental entity may authorize the issuance of bond anticipation notes
in one or more series in anticipation of the issuance of bonds which it has duly and lawfully
authorized. The proceeds of the sale of such notes, exclusive of accrued interest, shall be
used for the purpose of paying capitalized interest on such notes for renewing the principal
amount of previously issued bond anticipation notes, and for the purpose for which the
anticipated bonds were authorized.
B. Bond anticipation notes shall be payable in principal from the proceeds of the sale
of the duly authorized bonds, from the sale of additional bond anticipation notes, from
revenue sources from which the anticipated bonds securities are payable when issued, or
from other lawfully available funds. Interest on bond anticipation notes may be capitalized
and paid from the proceeds of the issue, paid from the revenue source from which the
anticipated bonds are payable when issued, or paid from other lawfully available funds.
C. The total amount of bond anticipation notes issued and outstanding at any one
time shall not exceed the principal amount of authorized bonds in anticipation of which the
bond anticipation notes were issued.

Legislative History

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