§47-16  Bond anticipation notes. Whenever the governing body of the county shall have authorized the issuance ofbonds under this chapter, general obligation bond anticipation notes of thecounty are hereby authorized to be issued in anticipation of the issuance ofthe bonds and of the receipt of the proceeds of sale thereof, for the purposesfor which the bonds have been authorized.  All general obligation notes must beauthorized by the governing body of the county issuing same by ordinance orresolution of the governing body, which may be the same or a differentordinance or resolution as that authorizing the bonds.  The maximum principalamount of the notes shall not exceed the authorized principal amount of thebonds.  The director of finance of the county, with the approval of thegoverning body, may issue and sell from time to time the bond anticipationnotes which have been authorized by the governing body.  The full faith andcredit of the county shall be pledged to the payment of the principal of andinterest on the notes.  The authorization, issuance, and details of the notesshall be governed by this chapter with respect to bonds insofar as the same maybe applicable, provided that:

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

(2)  The interest on the notes shall be paid from thegeneral fund of the county and the principal of the notes shall be paid fromthe proceeds of sale of the bonds in anticipation of which the notes have beenissued or from any money in the general fund available therefor.

To the extent that the principal of the notes shallbe paid from moneys other than the proceeds of sale of the 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 that manner. [L1989, c 80, pt of §2]