9-25-13. Maximum amount borrowed on promissory note.
The money borrowed pursuant to §9-25-12 may not exceed the sum of ninety-five percent of the amount of anticipated special assessment bond proceeds or may not exceed the sum of ninety-five percent of the amount of uncollected taxes levied by the municipality for the current fiscal year plus other receivables of the fund, including state or federal grant moneys, which have been earned by the municipality or committed by the state or federal governments but not collected at the date of borrowing.
Source: SL 1978, ch 63, §2; SL 1981, ch 70, §2.