§39A 228 - Special purpose revenue bond anticipation notes.
[§39A‑228] Special purposerevenue bond anticipation notes. Whenever the department shall haveauthorized the issuance of special purpose revenue bonds under this part,special purpose revenue bond anticipation notes of the department may be issuedin anticipation of the issuance of such bonds and of the receipt of theproceeds of sale thereof, for the purposes for which such bonds have beenauthorized. All special purpose revenue bond anticipation notes shall beauthorized by the department, and the maximum principal amount of such notesshall not exceed the authorized principal amount of such bonds. The notesshall be payable solely from and secured solely by the proceeds of sale of thespecial purpose revenue bonds in anticipation of which the notes are issued andthe revenues from which would be payable and by which would be secured suchbonds; provided that to the extent that the principal of the notes shall bepaid from moneys other than the proceeds of sale of such bonds, the maximumamount of bonds in anticipation of which the notes are issued that has beenauthorized shall be reduced by the amount of notes paid in such manner. Theauthorization, issuance, and the details of such notes shall be governed by theprovisions of this part with respect to special purpose revenue bonds insofaras the same may be applicable; provided that each note, together with allrenewals and extensions thereof, or refundings thereof by other notes issuedunder this section, shall mature within five years from the date of theoriginal note. [L 1994, c 280, pt of §6]