[§304A-2682]  Revenue bond anticipationnotes.  In anticipation of the issuance under this subpart of revenue bondsand of the receipt of the proceeds of sale of revenue bonds, the board mayissue and sell, without further authorization or approval, bond anticipationnotes for the purposes for which the revenue bonds have been authorized, themaximum principal amount of which notes shall not exceed the authorizedprincipal amount of the revenue bonds.  The notes shall be payable from andsecured by the proceeds of the sale of the bonds in anticipation of which thenotes are issued, or the revenues of the university from which would be payableand by which the revenue bonds would be secured, or any combination thereof;provided that to the extent the principal of the notes is paid from moneysother than the proceeds of sale of the revenue bonds, the maximum amount ofrevenue bonds in anticipation of which the notes are issued that has beenauthorized shall be reduced by the amount of the notes paid in such manner. The issuance of the notes and the details thereof shall be governed by thissubpart with respect to revenue bonds insofar as applicable; provided that:

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

(2)  The notes may be sold at public or private sale,as the board may determine. [L 2007, c 161, pt of §1]