US Laws, Codes, Statutes & Cases

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 31
                           ANTICIPATION OF REVENUE
                             BY TAXING DISTRICTS
    63-3106.  ISSUANCE AND SALE OF REFUNDING BONDS OR NOTES BY TAXING
DISTRICTS TO PAY FOR REVENUE ANTICIPATION BONDS OR NOTES. A taxing district
shall have power to issue refunding bonds or notes, with like limitations upon
interest and maturity, and shall issue refunding bonds or notes where such
refunding bonds or notes shall be necessary to provide for the payment of any
revenue anticipation bonds or notes at maturity, or to provide for the payment
of any revenue anticipation notes or bonds heretofore issued by any taxing
district where such revenue anticipation notes or bonds are outstanding and
unpaid after their maturity date. Said refunding bonds or notes shall be
authorized by resolution and shall be issued, sold and paid as herein provided
for the issuance, sale and payment of revenue anticipation bonds or notes. At
no time shall the total amount outstanding of such revenue anticipation bonds
or notes and such refunding bonds or notes exceed seventy-five per cent (75%)
of the amount of taxes levied or state funds or other revenues anticipated for
the current fiscal year and not yet collected by said taxing district, or if
such refunding bonds or notes are issued before the tax levy or budget for any
fiscal year has been completed, then the total amount outstanding of such
revenue anticipation bonds or notes and such refunding bonds or notes shall
not exceed seventy-five per cent (75%) of the amount of taxes levied or state
funds or other revenues received by said taxing district in the previous
fiscal year; provided that where refunding bonds or notes have been issued or
the issuance thereof has been provided for by the adoption of a resolution for
the purpose of refunding any revenue anticipation bonds or notes, the said
revenue anticipation bonds or notes to be refunded by said refunding bonds or
notes shall not be included in determining the total amount of revenue
anticipation bonds and notes outstanding, but for that purpose shall be
treated as having been refunded and retired by such refunding bonds or notes.