§ 35-467.08 – Prohibition against obligating state or political subdivisions; payment from revenues
35-467.08. Prohibition against obligating state or political subdivisions; payment from revenues This state or a political subdivision is not liable for the payment of the principal or interest on any revenue anticipation notes. Revenue anticipation notes are not obligations of this state or a political subdivision and do not constitute a debt, legal or moral, […]
§ 35-467 – Definitions
35-467. Definitions In this article, unless the context otherwise requires: 1. " City" means a city or town incorporated under the laws of this state. 2. " Fiscal year" means the period commencing on July 1 of any year and terminating on June 30 of the next succeeding year. 3. " Governing body" means the […]
§ 35-467.01 – Revenue anticipation notes
35-467.01. Revenue anticipation notes After a taxing district has adopted a budget for the fiscal year as provided by law and the governing body determines that the revenues to be received by the district will not be received in time to pay the district’s projected expenses as set forth in the budget, the governing body […]
§ 35-467.02 – Form of notes; definition
35-467.02. Form of notes; definition Revenue anticipation 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 before the last day of the fiscal year, mature in such amount or amounts, bear interest at such rate or rates, […]
§ 35-467.03 – Limitations on issuance of notes
35-467.03. Limitations on issuance of notes The amount of revenue anticipation notes issued by a taxing district in any fiscal year shall not exceed fifty per cent of the aggregate of all uncollected revenues estimated to be received by the district in the fiscal year as shown by the budget. Such revenues shall be limited […]
§ 35-467.04 – Application of revenues, principal and interest redemption fund; payment of notes
35-467.04. Application of revenues, principal and interest redemption fund; payment of notes After the issuance of any revenue anticipation notes all revenues received by the taxing district shall be collected and paid into a special fund to be known as the revenue anticipation note principal and interest redemption fund until such time as monies in […]
§ 35-467.05 – Investment of note proceeds; period of investment covenants
35-467.05. Investment of note proceeds; period of investment covenants A. Note proceeds may be invested in any of the following: 1. Bonds or other evidences of indebtedness of the United States or any of its agencies or instrumentalities if such obligations are guaranteed as to principal and interest by the United States or by the […]
§ 35-467.06 – Use of proceeds
35-467.06. Use of proceeds The proceeds from the sale of revenue anticipation notes shall be paid into the treasury of the taxing district. The proceeds shall be used by the taxing district to defray the expenses of the district as set forth in the annual budget.
§ 35-467.07 – Rights of holders
35-467.07. Rights of holders The holder of a revenue anticipation note, in the holder’s name and on the holder’s behalf or on behalf of all of the holders of the notes, may take action necessary to compel the performance of any duty required by this article.