12-16,109.   Same; authority to borrow money for temporary financing ofservice or improvement.(a) Any municipality which has entered into a writtenagreement with a state agency providing for a state grant or loan to themunicipality for the performance of any public service or the constructionof any public improvement, where such grant or loan constitutes areimbursement for expenditures or obligations incurred by the municipalityin undertaking such service or improvement, is hereby authorized to borrowmoney to temporarily finance such service or improvement. The amountborrowed under the provisions of this act shall not exceed the amount ofthe loan or grant to be received by the municipality under theterms of the agreement.

      (b)   Such borrowing in anticipation of a state grant or loan may be inthe form of temporary notes or no-fund warrants, and shall be issuedin substantially the same manner provided by law for the issuance of othertemporary notes or no-fund warrants, but the approval of the statecourt of tax appeals shall not be required. The terms of such notes orwarrants shall not exceed the scheduled date the municipality is to bereimbursed by the state loan or grant, as determined by the agreement.

      History:   L. 1989, ch. 56, § 2;L. 2008, ch. 109, § 26; July 1.