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 theissuance of such bonds as authorized and to renew from time to time anysuch notes by the issuance of new notes, whether the notes to be renewedhave or have not matured. The municipal energy agency may issue notes onlyto provide funds which wouldotherwise be provided by the issuance of the bonds as authorized. The notesmay be authorized, sold, executed and delivered in the same manner as bonds. Any resolution, trust indenture or other security agreement may containany provisions which the municipal energy agency is authorized to includein any resolution, trust indenture or other security agreement authorizingand securing bonds of the municipal energy agency or any issue thereof andthe municipal energy agency may include in any notes any terms, covenantsor conditions which it is authorized to include in any bonds. All notesof the municipal energy agency shall be payable out of any of its fundsor revenues pledged thereto, and there shall be pledged to the payment ofsuch notes the proceeds to be derived from the issuance of the bonds inanticipation of the issuance of which notes shall have been issued. Bondanticipation notes shall not be issued in an amount exceeding the par valueof the bonds in anticipation of which they are to be issued.

      History:   L. 1977, ch. 48, § 18; July 1.