(1) Any public body may issue from time to time its bond anticipation notes for any purposes lawfully authorized to be undertaken by such public body or to redeem outstanding bond anticipation notes. Such bond anticipation notes shall be issued in anticipation of the issuance of bonds by the public body.
Except as provided in this article, the bond anticipation notes shall be issued pursuantto the provisions of law which govern the issuance of the bonds in anticipation of which the bond anticipation notes are being issued.
Bond anticipation notes issued pursuant to this article shall be payable from the proceeds of the sale of additional bond anticipation notes or from the proceeds of the sale of the bonds of the public body or other moneys of the public body legally available for such purpose.
Source: L. 81: Entire article added, p. 1420, § 1, effective July 1.