12-16,109. Same; authority to borrow money for temporary financing of service or improvement.
12-16,109
12-16,109. Same; authority to borrow money for temporary financing of
service or improvement.
(a) Any municipality which has entered into a written
agreement with a state agency providing for a state grant or loan to the
municipality for the performance of any public service or the construction
of any public improvement, where such grant or loan constitutes a
reimbursement for expenditures or obligations incurred by the municipality
in undertaking such service or improvement, is hereby authorized to borrow
money to temporarily finance such service or improvement. The amount
borrowed under the provisions of this act shall not exceed the amount of
the loan or grant to be received by the municipality under the
terms of the agreement.
(b) Such borrowing in anticipation of a state grant or loan may be in
the form of temporary notes or no-fund warrants, and shall be issued
in substantially the same manner provided by law for the issuance of other
temporary notes or no-fund warrants, but the approval of the state
court of tax appeals shall not be required. The terms of such notes or
warrants shall not exceed the scheduled date the municipality is to be
reimbursed by the state loan or grant, as determined by the agreement.
History: L. 1989, ch. 56, § 2;
L. 2008, ch. 109, § 26; July 1.