12.26 ISSUANCE OF REVENUE ANTICIPATION NOTES.
1. In anticipation of the collection of revenues in and for a
fiscal year, the treasurer of state may borrow money, and issue notes
for the money, in an amount not exceeding the estimated state
revenues for that year. The sums so anticipated are appropriated for
the payment of the notes with interest at maturity. The notes may be
issued prior to the beginning of a fiscal year, but the notes shall
be payable not later than the end of the fiscal year for which they
are issued. More than one series of notes may be issued in a fiscal
year and the proceeds of notes may be used to retire a prior issue of
notes provided that the total outstanding at any one time shall not
exceed the limit prescribed in this section. The proceeds from the
issuance of notes shall be invested in the same manner as other
public funds and shall be used only for the purposes for which the
anticipated tax revenues were levied, collected, and appropriated.
2. The principal of and the interest on notes are payable solely
out of the taxes and revenues of the state for the fiscal year for
which the notes are issued. The notes of each issue shall be dated,
shall bear interest at a rate or rates which may be variable
according to a method approved by the treasurer of state, without
regard to any limit contained in chapter 74A or any other law of this
state, and shall mature at a time or times not later than the end of
the fiscal year, all as determined by the treasurer of state. The
notes may be made redeemable before maturity, at the option of the
treasurer of state, at the price and under the terms and conditions
provided by the treasurer of state. The treasurer of state shall
determine the form of the notes and shall fix the denomination of the
notes and the place of payment of principal and interest which may be
at any bank within or without the state. The notes shall be executed
by the manual or facsimile signatures of the treasurer of state, the
director of management, and the director of the department of
administrative services. If an official whose signature or a
facsimile of whose signature appears on any notes ceases to hold
office before the delivery of the notes, the signature or the
facsimile is valid and sufficient for all purposes the same as if the
official had remained in office until the delivery. All notes issued
under this section have the qualities and incidents of negotiable
instruments under the laws of this state and without regard to any
other law. The notes shall be issued in registered form. The notes
may be sold in a manner, at public or private sale, as the treasurer
of state may determine without regard to chapter 75.
3. Notes may be issued under this section without obtaining the
consent of any officer or agency of this state, and without any other
proceedings or conditions other than those proceedings and conditions
which are specifically required by this section. The treasurer of
state, the director of management, and the director of the department
of administrative services are not liable personally on the notes or
subject to any personal liability or accountability by reason of the
issuance of the notes.
4. As used in this section, "notes" means notes and other
obligations, including short term obligations backed by a commercial
letter of credit, issued by the treasurer of state pursuant to this
section.
Section History: Recent Form
85 Acts, ch 34, §19; 88 Acts, ch 1134, § 11; 2003 Acts, ch 145,
§286
Referred to in § 12.25
12.26 ISSUANCE OF REVENUE ANTICIPATION NOTES.
1. In anticipation of the collection of revenues in and for a
fiscal year, the treasurer of state may borrow money, and issue notes
for the money, in an amount not exceeding the estimated state
revenues for that year. The sums so anticipated are appropriated for
the payment of the notes with interest at maturity. The notes may be
issued prior to the beginning of a fiscal year, but the notes shall
be payable not later than the end of the fiscal year for which they
are issued. More than one series of notes may be issued in a fiscal
year and the proceeds of notes may be used to retire a prior issue of
notes provided that the total outstanding at any one time shall not
exceed the limit prescribed in this section. The proceeds from the
issuance of notes shall be invested in the same manner as other
public funds and shall be used only for the purposes for which the
anticipated tax revenues were levied, collected, and appropriated.
2. The principal of and the interest on notes are payable solely
out of the taxes and revenues of the state for the fiscal year for
which the notes are issued. The notes of each issue shall be dated,
shall bear interest at a rate or rates which may be variable
according to a method approved by the treasurer of state, without
regard to any limit contained in chapter 74A or any other law of this
state, and shall mature at a time or times not later than the end of
the fiscal year, all as determined by the treasurer of state. The
notes may be made redeemable before maturity, at the option of the
treasurer of state, at the price and under the terms and conditions
provided by the treasurer of state. The treasurer of state shall
determine the form of the notes and shall fix the denomination of the
notes and the place of payment of principal and interest which may be
at any bank within or without the state. The notes shall be executed
by the manual or facsimile signatures of the treasurer of state, the
director of management, and the director of the department of
administrative services. If an official whose signature or a
facsimile of whose signature appears on any notes ceases to hold
office before the delivery of the notes, the signature or the
facsimile is valid and sufficient for all purposes the same as if the
official had remained in office until the delivery. All notes issued
under this section have the qualities and incidents of negotiable
instruments under the laws of this state and without regard to any
other law. The notes shall be issued in registered form. The notes
may be sold in a manner, at public or private sale, as the treasurer
of state may determine without regard to chapter 75.
3. Notes may be issued under this section without obtaining the
consent of any officer or agency of this state, and without any other
proceedings or conditions other than those proceedings and conditions
which are specifically required by this section. The treasurer of
state, the director of management, and the director of the department
of administrative services are not liable personally on the notes or
subject to any personal liability or accountability by reason of the
issuance of the notes.
4. As used in this section, "notes" means notes and other
obligations, including short term obligations backed by a commercial
letter of credit, issued by the treasurer of state pursuant to this
section.
Section History: Recent Form
85 Acts, ch 34, §19; 88 Acts, ch 1134, § 11; 2003 Acts, ch 145,
§286
Referred to in § 12.25
12.26 ISSUANCE OF REVENUE ANTICIPATION NOTES.
1. In anticipation of the collection of revenues in and for a
fiscal year, the treasurer of state may borrow money, and issue notes
for the money, in an amount not exceeding the estimated state
revenues for that year. The sums so anticipated are appropriated for
the payment of the notes with interest at maturity. The notes may be
issued prior to the beginning of a fiscal year, but the notes shall
be payable not later than the end of the fiscal year for which they
are issued. More than one series of notes may be issued in a fiscal
year and the proceeds of notes may be used to retire a prior issue of
notes provided that the total outstanding at any one time shall not
exceed the limit prescribed in this section. The proceeds from the
issuance of notes shall be invested in the same manner as other
public funds and shall be used only for the purposes for which the
anticipated tax revenues were levied, collected, and appropriated.
2. The principal of and the interest on notes are payable solely
out of the taxes and revenues of the state for the fiscal year for
which the notes are issued. The notes of each issue shall be dated,
shall bear interest at a rate or rates which may be variable
according to a method approved by the treasurer of state, without
regard to any limit contained in chapter 74A or any other law of this
state, and shall mature at a time or times not later than the end of
the fiscal year, all as determined by the treasurer of state. The
notes may be made redeemable before maturity, at the option of the
treasurer of state, at the price and under the terms and conditions
provided by the treasurer of state. The treasurer of state shall
determine the form of the notes and shall fix the denomination of the
notes and the place of payment of principal and interest which may be
at any bank within or without the state. The notes shall be executed
by the manual or facsimile signatures of the treasurer of state, the
director of management, and the director of the department of
administrative services. If an official whose signature or a
facsimile of whose signature appears on any notes ceases to hold
office before the delivery of the notes, the signature or the
facsimile is valid and sufficient for all purposes the same as if the
official had remained in office until the delivery. All notes issued
under this section have the qualities and incidents of negotiable
instruments under the laws of this state and without regard to any
other law. The notes shall be issued in registered form. The notes
may be sold in a manner, at public or private sale, as the treasurer
of state may determine without regard to chapter 75.
3. Notes may be issued under this section without obtaining the
consent of any officer or agency of this state, and without any other
proceedings or conditions other than those proceedings and conditions
which are specifically required by this section. The treasurer of
state, the director of management, and the director of the department
of administrative services are not liable personally on the notes or
subject to any personal liability or accountability by reason of the
issuance of the notes.
4. As used in this section, "notes" means notes and other
obligations, including short term obligations backed by a commercial
letter of credit, issued by the treasurer of state pursuant to this
section.
Section History: Recent Form
85 Acts, ch 34, §19; 88 Acts, ch 1134, § 11; 2003 Acts, ch 145,
§286
Referred to in § 12.25
