§46-107 - Tax increment bond anticipation notes.
§46-107 Tax increment bond anticipationnotes. Whenever the county has authorized the issuance of tax incrementbonds under this part, tax increment bond anticipation notes of the county maybe issued in anticipation of the issuance of such bonds and of the receipt ofthe proceeds of sale thereof, for the purposes for which such bonds have beenauthorized. All tax increment bond anticipation notes shall be authorized bythe county, and the maximum principal amount of such notes shall not exceed theauthorized principal amount of the bonds. The notes shall be payable solelyfrom and secured solely by the proceeds of sale of the tax increment bonds inanticipation of which the notes are issued and the moneys in the tax incrementfund from which would be payable and by which would be secured such bonds;provided that to the extent that the principal of the notes shall be paid frommoneys other than the proceeds of sale of such bonds, the maximum amount ofbonds authorized in anticipation of which the notes are issued shall be reducedby the amount of notes paid in such manner. The authorization, issuance, anddetails of such notes shall be governed by this part with respect to taxincrement bonds insofar as the same may be applicable; provided that each note,together with renewals and extensions thereof, or refundings thereof by othernotes issued under this section, shall mature within five years from the dateof the original note. [L 1985, c 267, pt of §1]