Bond anticipation notes

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RS 528 - Bond anticipation notes

A. Any governmental entity may authorize the issuance of bond anticipation notes in one or more series in anticipation of the issuance of bonds which it has duly and lawfully authorized. The proceeds of the sale of such notes, exclusive of accrued interest, shall be used for the purpose of paying capitalized interest on such notes for renewing the principal amount of previously issued bond anticipation notes, and for the purpose for which the anticipated bonds were authorized.

B. Bond anticipation notes shall be payable in principal from the proceeds of the sale of the duly authorized bonds, from the sale of additional bond anticipation notes, from revenue sources from which the anticipated bonds securities are payable when issued, or from other lawfully available funds. Interest on bond anticipation notes may be capitalized and paid from the proceeds of the issue, paid from the revenue source from which the anticipated bonds are payable when issued, or paid from other lawfully available funds.

C. The total amount of bond anticipation notes issued and outstanding at any one time shall not exceed the principal amount of authorized bonds in anticipation of which the bond anticipation notes were issued.

Acts 2018, No. 569, §1, eff. July 1, 2018.


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