§ 35-468.03 – Supplemental tax levy; interest fund; redemption fund
35-468.03. Supplemental tax levy; interest fund; redemption fund A. After the bonds are issued, the governing body or board issuing the bonds shall annually levy and cause to be collected a tax, at the same time and in the same manner as other taxes are levied and collected on all taxable property in the political […]
§ 35-493 – Collection and payment of bond through bank or trust company; effect
35-493. Collection and payment of bond through bank or trust company; effect The proceedings authorizing any bond may permit the registered holder of the bond to authorize any bank or trust company authorized to do business in this state to present the bond to the treasurer, finance director or paying agent of the issuer for […]
§ 35-466.06 – Use of proceeds
35-466.06. Use of proceeds The proceeds from the sale of the notes shall be paid into the treasury of the issuer and used by the issuer to defray the costs and expenses of the construction or acquisition of the project for which the grant or grants are being made, the legal and financial costs and […]
§ 35-466.07 – Rights of holders
35-466.07. Rights of holders The holder of any grant 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.
§ 35-466.08 – Prohibition against obligating state or political subdivisions; payment from grant revenues
35-466.08. Prohibition against obligating state or political subdivisions; payment from grant revenues The state or any political subdivision shall not in any event be liable for the payment of the principal of or interest on any grant anticipation notes. Grant anticipation notes shall not be obligations of the state or any political subdivision and shall […]
§ 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 […]