§48E-8 - Special purpose revenue bond anticipation notes.
§48E-8 Special purpose revenue bondanticipation notes. Whenever the governing body of the county shall haveauthorized the issuance of special purpose revenue bonds under this chapter,special purpose revenue bond anticipation notes of the county are authorized tobe 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 special purpose revenue bond anticipation notes shall beauthorized by the governing body of the county issuing the notes, and themaximum principal amount of such notes shall not exceed the authorizedprincipal amount of such bonds. The notes shall be payable from and secured bythe proceeds of sale of the special purpose revenue bonds in anticipation ofwhich the notes are issued and the revenues from which would be payable and bywhich would be secured such bonds; provided that to the extent that theprincipal of the notes shall be paid from moneys other than the proceeds ofsale of such bonds, the maximum amount of bonds in anticipation of which thenotes are issued that has been authorized shall be reduced by the amount ofnotes paid in such manner. The authorization, issuance, and the details ofsuch notes shall be governed by the provisions of this chapter with respect tospecial purpose revenue bonds insofar as the provisions may be applicable;provided that each note, together with all renewals and extensions thereof, orrefundings thereof by other notes issued under this section, shall maturewithin five years from the date of the original note. [L 1983, c 237, pt of §2]