35-465. Definitions In this article, unless the context otherwise requires: 1. " City" means any city incorporated under the laws of this state. " City" also includes any town incorporated under the laws of this state. 2. " County" means any county now or hereafter in existence in the state. 3. " Fiscal year" means […]
35-465.01. Tax anticipation notes After a taxing district has adopted a budget for the current fiscal year as provided by law and the governing body thereof ascertains that the taxes to be received by such district will not be received in time to pay the district’s projected expenses, as set forth in such budget, the […]
35-465.02. Form of notes The notes may be issued in one or more series, bear such dates, be in such denomination or denominations, mature on any date or dates occurring on or prior to the next July 31 following the end of the fiscal year in which the notes are issued, mature in such amount […]
35-465.03. Limitations on issuance of notes The amount of such notes issued by such taxing district in any fiscal year shall not exceed ninety per cent of the aggregate of all uncollected taxes estimated to be received by the district for the fiscal year as shown by the current budget.
35-465.04. Application of taxes; payment of notes Upon the issuance of any tax anticipation notes all taxes which are pledged to pay the notes and which are thereafter received by the taxing district shall be collected and held in the manner set forth in the resolution authorizing the notes or the notes themselves. The resolution […]
35-465.05. Investment of tax anticipation note proceeds; period of investment covenants A. Tax anticipation note proceeds and taxes pledged to repay the tax anticipation notes may be invested by the treasurer in any securities or deposits eligible for investment of public monies pursuant to chapter 2, article 2.1 of this title or, if taxes, in […]
35-465.06. Use of proceeds The proceeds from the sale of the notes shall be paid into the treasury of the taxing district. The proceeds shall be used by the taxing district to pay the expenses of such district as set forth in the annual budget and to pay the expenses of the proceedings and the […]
35-465.07. Rights of holders The holder of any anticipation note may, in the holder’s own name and on the holder’s own behalf, or on behalf of all of the holders of the notes, take whatever action may be necessary to compel the performance of any duty required by any section of this article.
