§ 2-2-49. Issuance of bond anticipation notes.

(a)

The county may, at any time and from time to time after the adoption of the proceedings authorizing the issuance of bonds, temporarily borrow money evidenced by bond anticipation notes to pay all or a part of the cost of a project in anticipation of the receipt of the proceeds derived from the sale of bonds or of the receipt of any non-ad valorem revenues, as determined by subsequent proceedings of the county. Such bond anticipation notes shall be paid in full not later than five (5) years after the date of the issuance of such bond anticipation notes. The bond anticipation notes shall be authorized by proper proceedings of the county and shall be in such denomination or denominations, shall bear interest at such rate or rates not exceeding the maximum rate permitted by law, shall be in such form and shall be executed in such manner as prescribed in the proceedings authorizing the issuance of such bond anticipation notes.

(b)

The bond anticipation notes may be sold at either public or private sale or, if such bond anticipation notes are issued for the purpose of renewing then outstanding bond anticipation notes, they may be exchanged therefor, on such terms as the board shall determine.

(c)

If provided for in the proceedings authorizing the issuance of such bond anticipation notes, the board may retire such bond anticipation notes by means of county revenues lawfully available for such purpose, in lieu of retiring them from the proceeds derived from sale of bonds; provided, however, that before the retirement of any bond anticipation notes by means other than issuance of bonds the board shall amend or repeal the proceedings pursuant to which the bonds are to be issued so as to reduce the authorized amount of the bond issue by the amount of the bond anticipation notes so retired.

(Ord. No. 85-14, § 10, 5-28-85)