12-8,102. Bond anticipation notes; issuance, renewal, terms, payment, amount.
12-8,102
12-8,102. Bond anticipation notes; issuance, renewal, terms, payment, amount.
The municipal energy agency shall have the power and is hereby authorized,
whenever revenue bonds of the agency shall have been authorized as aforesaid,
to issue, from time to time, its negotiable notes in anticipation of the
issuance of such bonds as authorized and to renew from time to time any
such notes by the issuance of new notes, whether the notes to be renewed
have or have not matured. The municipal energy agency may issue notes only
to provide funds which would
otherwise be provided by the issuance of the bonds as authorized. The notes
may be authorized, sold, executed and delivered in the same manner as bonds.
Any resolution, trust indenture or other security agreement may contain
any provisions which the municipal energy agency is authorized to include
in any resolution, trust indenture or other security agreement authorizing
and securing bonds of the municipal energy agency or any issue thereof and
the municipal energy agency may include in any notes any terms, covenants
or conditions which it is authorized to include in any bonds. All notes
of the municipal energy agency shall be payable out of any of its funds
or revenues pledged thereto, and there shall be pledged to the payment of
such notes the proceeds to be derived from the issuance of the bonds in
anticipation of the issuance of which notes shall have been issued. Bond
anticipation notes shall not be issued in an amount exceeding the par value
of the bonds in anticipation of which they are to be issued.
History: L. 1977, ch. 48, § 18; July 1.