§39-15  Bond anticipation notes. In anticipation of the issuance pursuant to this part of general obligationbonds authorized by the legislature and of the receipt of the proceeds of saleof those bonds, the director of finance, with the approval of the governor, mayissue and sell general obligation bond anticipation notes for the purposes forwhich the bonds have been authorized, the maximum principal amount of whichnotes shall not exceed the authorized principal amount of the bonds.  The fullfaith and credit of the State shall be pledged to the payment of the principaland interest of the notes.  The issuance of the notes and the details thereofshall be governed by the provisions of this part with respect to bonds insofaras the same may be applicable; provided that:

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

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