Section 603 – Sources of payment for interim warrants and bond anticipation notes.

11-42-603. Sources of payment for interim warrants and bond anticipation notes.
Each local entity that has issued interim warrants or bond anticipation notes shall pay the warrants or notes from:

• (1) proceeds from the sale of assessment bonds;

• (2) cash the local entity receives from the payment for improvements;

• (3) assessments;

• (4) improvement revenues that are not pledged to the payment of assessment bonds;

• (5) proceeds from the sale of interim warrants or bond anticipation notes; or

• (6) the local entity’s guaranty fund or, if applicable, the reserve fund.

Amended by Chapter 246, 2009 General Session