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28f-9
28F.9 ISSUANCE OF INTERIM NOTES.
The entity may borrow money for the purposes for which bonds may
be issued, in anticipation of the receipt of the proceeds of the sale
of bonds. Notes shall be issued for moneys borrowed under this
section, and the notes may be renewed. The notes shall be authorized
by resolution of the governing body of the entity and may be issued
in denominations, bear interest at rates not exceeding the maximum
rate of interest permitted by chapter 74A for pledge orders issued by
a city, shall be in a form and shall be executed in a manner, all as
the entity prescribes. If the notes are renewal notes, they may be
exchanged for notes then outstanding on terms the governing body of
the entity determines. Notes may be sold at public or private sale
or may be issued to persons furnishing materials and services
constituting a part of the cost of the acquisition, construction,
reconstruction, repair, extension or improvement of a project. The
governing body of the entity may retire any notes from the revenues
derived from the project or from other moneys of the entity which are
lawfully available for that purpose or from a combination of each, in
lieu of retiring them by means of bond proceeds. Section History: Early Form
[C71, 73, 75, 77, 79, 81, S81, § 28F.9; 81 Acts, ch 31, § 4]
