Public Utilities and Carriers

Kent County Water District

SECTION 39-16-22

§ 39-16-22. Notes.

The authority may, by resolution, authorize the issue from time to time of interest bearing or discounted notes in anticipation of the issue of bonds. Temporary notes issued under this section shall be signed by the chairperson and the treasurer of the authority and shall be payable within five (5) years of their respective dates, but the principal of and interest on notes issued for a shorter period may be renewed or paid from time to time by the issue of other notes under this section, provided the period from the date of the original note to the maturity of any note issued to renew or pay the same debt or the interest thereon shall not exceed five (5) years. All other terms and conditions of the notes shall be set by the authority in the resolution authorizing issuance.

History of Section.
(P.L. 1990, ch. 16, § 2; P.L. 1997, ch. 326, § 118.)