§39-15  Bond anticipation notes. 
In anticipation of the issuance pursuant to this part of general obligation
bonds authorized by the legislature and of the receipt of the proceeds of sale
of those bonds, the director of finance, with the approval of the governor, may
issue and sell general obligation bond anticipation notes for the purposes for
which the bonds have been authorized, the maximum principal amount of which
notes shall not exceed the authorized principal amount of the bonds.  The full
faith and credit of the State shall be pledged to the payment of the principal
and interest of the notes.  The issuance of the notes and the details thereof
shall be governed by the provisions of this part with respect to bonds insofar
as the same may be applicable; provided that:



(1)  Each note, together with all renewals and
extensions thereof, or refundings thereof by other notes issued pursuant to
this section, shall mature within five years from the date of the original
note; and



(2)  The interest on the notes shall be paid from the
general fund and the principal thereof from the proceeds of sale of the bonds
in anticipation of which the notes have been issued, or from any moneys in the
general fund available therefor.  To the extent that the principal of the notes
shall be paid from moneys other than the proceeds of sale of the bonds, the
maximum amount of bonds that has been authorized shall be reduced by the amount
of notes paid. [L 1988, c 28, pt of §3]