(a) A unit of local government having the power to levy taxes isauthorized to borrow money for the purpose of paying appropriations made forthe current fiscal year in anticipation of the collection of taxes due and payablewithin the fiscal year, and to issue its negotiable notes in evidence thereof.A tax anticipation note shall mature not later than 30 days after the close ofthe fiscal year in which it is issued, and may not be renewed beyond that time.
(b) No tax anticipation loan shall be made if the amountthereof, together with the amount of tax anticipation notes authorized oroutstanding on the date the loan is authorized, would exceed fifty percent(50%) of the amount of taxes uncollected as of the date of the proposed loanauthorization, as certified in writing to the governing board by the chieffinancial officer of the issuing unit. Each tax anticipation note shall bear onits face or reverse the following certificate signed by the finance officer:"This note and all other tax anticipation notes of (issuing unit)authorized or outstanding as of (date) amount to fifty percent (50%) or less ofthe amount of taxes for the current fiscal year uncollected as of the abovedate." No tax anticipation note shall be valid without this certificate.
(c) The faith and credit of the issuing unit are hereby pledgedfor the payment of each tax anticipation note issued under this sectionaccording to its terms, and the power and obligation of the issuing unit tolevy taxes and raise other revenues for the prompt payment of such notes shallbe unrestricted as to rate or amount, notwithstanding any other provisions oflaw. (1917, c. 138, s. 12;1919, c. 178, s. 3(12); 1921, c. 8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927,c. 81, s. 4; 1971, c. 780, s. 1; 1973, c. 494, s. 37.)
(a) A unit of local government having the power to levy taxes isauthorized to borrow money for the purpose of paying appropriations made forthe current fiscal year in anticipation of the collection of taxes due and payablewithin the fiscal year, and to issue its negotiable notes in evidence thereof.A tax anticipation note shall mature not later than 30 days after the close ofthe fiscal year in which it is issued, and may not be renewed beyond that time.
(b) No tax anticipation loan shall be made if the amountthereof, together with the amount of tax anticipation notes authorized oroutstanding on the date the loan is authorized, would exceed fifty percent(50%) of the amount of taxes uncollected as of the date of the proposed loanauthorization, as certified in writing to the governing board by the chieffinancial officer of the issuing unit. Each tax anticipation note shall bear onits face or reverse the following certificate signed by the finance officer:"This note and all other tax anticipation notes of (issuing unit)authorized or outstanding as of (date) amount to fifty percent (50%) or less ofthe amount of taxes for the current fiscal year uncollected as of the abovedate." No tax anticipation note shall be valid without this certificate.
(c) The faith and credit of the issuing unit are hereby pledgedfor the payment of each tax anticipation note issued under this sectionaccording to its terms, and the power and obligation of the issuing unit tolevy taxes and raise other revenues for the prompt payment of such notes shallbe unrestricted as to rate or amount, notwithstanding any other provisions oflaw. (1917, c. 138, s. 12;1919, c. 178, s. 3(12); 1921, c. 8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927,c. 81, s. 4; 1971, c. 780, s. 1; 1973, c. 494, s. 37.)
(a) A unit of local government having the power to levy taxes isauthorized to borrow money for the purpose of paying appropriations made forthe current fiscal year in anticipation of the collection of taxes due and payablewithin the fiscal year, and to issue its negotiable notes in evidence thereof.A tax anticipation note shall mature not later than 30 days after the close ofthe fiscal year in which it is issued, and may not be renewed beyond that time.
(b) No tax anticipation loan shall be made if the amountthereof, together with the amount of tax anticipation notes authorized oroutstanding on the date the loan is authorized, would exceed fifty percent(50%) of the amount of taxes uncollected as of the date of the proposed loanauthorization, as certified in writing to the governing board by the chieffinancial officer of the issuing unit. Each tax anticipation note shall bear onits face or reverse the following certificate signed by the finance officer:"This note and all other tax anticipation notes of (issuing unit)authorized or outstanding as of (date) amount to fifty percent (50%) or less ofthe amount of taxes for the current fiscal year uncollected as of the abovedate." No tax anticipation note shall be valid without this certificate.
(c) The faith and credit of the issuing unit are hereby pledgedfor the payment of each tax anticipation note issued under this sectionaccording to its terms, and the power and obligation of the issuing unit tolevy taxes and raise other revenues for the prompt payment of such notes shallbe unrestricted as to rate or amount, notwithstanding any other provisions oflaw. (1917, c. 138, s. 12;1919, c. 178, s. 3(12); 1921, c. 8, s. 1; Ex. Sess. 1921, c. 106, s. 1; 1927,c. 81, s. 4; 1971, c. 780, s. 1; 1973, c. 494, s. 37.)
