§ 46-15.1-9. Temporary borrowing.
The board may borrow money temporarily for the purposes of this chapter and chapter 15.3 of this title in anticipation of revenue or federal aid or in anticipation of the issue of bonds, and issue notes therefor. Notes issued in anticipation of revenue may not mature or be refunded beyond one year from the date of their original issue, and notes issued in anticipation of federal aid or of the issue of bonds may not mature or be refunded beyond five (5) years from the date of their original issue. Notes shall be payable solely from such funds as are derived under this chapter or chapter 15.3 of this title and provided for payment under the applicable trust agreement or resolution described in § 46-15.1-11, and shall contain a statement to this effect on their face.
History of Section.
P.L. 1970, ch. 304, § 1; P.L. 1987, ch. 417, § 4.