48-3219. Bond anticipation notes
A district, at any time after the issuance of bonds is authorized, may borrow money
for the purposes for which such bonds are to be issued in anticipation of the receipt of
the proceeds of the sale of such bonds and within the authorized maximum amount of such
bond issue. Bond anticipation notes shall be issued for all monies so borrowed under
this section. Such notes may be issued for a period not exceeding one year and may be
renewed from time to time for periods of not exceeding one year, but each such note,
including renewals, shall mature and be paid not later than the fifth anniversary of the
date the original note was issued. Such notes shall be authorized by resolution of the
board and shall be in such denomination or denominations, shall bear interest at such
rate or rates approved by the board of directors, shall be in such form and shall be
executed in such manner, all as the board of directors shall prescribe. Such notes shall
be sold at public or private sale or, if such notes are renewal notes, they may be
exchanged for notes then outstanding on such terms as the board shall determine.
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