§ 9-21-701. Authorization for the Issuance of Grant Anticipation Notes
The governing body of a local government, acting by resolution, is hereby authorized to issue and sell interest-bearing grant anticipation notes for public works projects secured solely by a pledge of moneys, which pledge shall not be less than the principal amount of such notes, to be received pursuant to a contract or agreement between […]
§ 9-21-702. Terms of Grant Anticipation Notes
Grant anticipation notes shall be sold at not less than par value and accrued interest. Grant anticipation notes may be sold in one (1) or more series, may bear such date or dates, shall mature at such time or times, may bear interest at such rate or rates (which may vary from time to time), […]
§ 9-21-703. Method of Sale of Grant Anticipation Notes
Grant anticipation notes may be sold in such manner either at a competitive public sale or at a private negotiated sale as the governing body of the local government may direct.
§ 9-21-704. Security for Grant Anticipation Notes
The principal of grant anticipation notes shall not be direct general obligations of the local government, and the local government shall have no authority to levy ad valorem taxes for the payment of the principal of such notes; provided, that interest on grant anticipation notes may be a general obligation of a local government, and […]
§ 9-21-705. Duration — Extension or Renewal
Grant anticipation notes shall be issued for a period not to exceed three (3) years from the date of issuance; provided, that the comptroller of the treasury or the comptroller’s designee may initially approve, or subsequently approve, a maturity date of such notes of not more than seven (7) years from the date of issuance, […]