(1) Any public body may issue, from time to time, tax anticipation notes without an election if its governing body determines that the taxes to be received by the public body will not be received in time to pay the public body's projected budgeted expenses. Such tax anticipation notes shall be issued in anticipation of the collection of taxes estimated by the governing body to be received within its then current fiscal year.
(2) (a) Tax anticipation notes shall be both issued and made payable within the fiscal year for which such taxes are levied.
(b) The provisions of this subsection (2) limiting the term of tax anticipation notes shall not apply to tax anticipation notes issued by school districts on and after January 1, 1992.
Tax anticipation notes may be paid from the proceeds of ad valorem taxes on realand personal property, investment proceeds on the ad valorem taxes, or the proceeds from the tax anticipation notes.
Source: L. 85: Entire article added, p. 1055, § 1, effective June 6. L. 90: (2) amended, p. 1084, § 46, effective May 31.