US Laws, Codes, Statutes & Cases

      The Commission from time to time during any fiscal year may borrow sums of money on promissory notes, to be known as tax anticipation certificates of indebtedness, to bear interest at such rate or rates annually as the Commission determines to be advantageous and otherwise in the public interest, and to be signed by the chairman and secretary-treasurer of the Commission, as necessary to meet its expenses within either county, including debt service for any bonds issued under this title; these sums of money to be borrowed from any bank or institution or individual willing to lend them. The Commission from time to time may reissue or renew its tax anticipation certificates of indebtedness at the same or a greater interest rate. The total amount borrowed under this section and outstanding in any fiscal year may not exceed 75 percent of the total proceeds received by the Commission from the taxes levied and collected during the Commission's preceding fiscal year under this title. All moneys borrowed within any fiscal year shall be repaid not later than during the next succeeding fiscal year from the proceeds of the taxes provided for in this title.