(1) Any bond anticipation notes may mature at such time not exceeding a period of time equal to the estimated time needed to effect the purpose for which they are issued, but not exceeding five years from the date or respective dates of the bond anticipation notes, as the governing body may determine. Bond anticipation notes may be issued in such denominations as determined by the governing body.
The interest rate per annum on the bond anticipation notes shall be stated in thelegislative act authorizing the issuance of the bond anticipation notes. Said interest rate may be evidenced by one or more set of coupons attached to said bond anticipation notes. Said interest rate need not be fixed at the time of the passage of such legislative act but may vary based on a fixed formula determined by the governing body and set forth in the legislative act authorizing the issuance of the bond anticipation notes. Said variable interest rate may not exceed the authorized maximum net effective interest rate.
The bond anticipation notes may be sold, at, above, or below the principal amountsthereof, as may be in the public interest.
The bond anticipation notes may be sold at either public or private sale, as determined by the governing body.
Source: L. 81: Entire article added, p. 1420, § 1, effective July 1.