35-401. Definitions In this article, unless the context otherwise requires: 1. " Bonds" means tax anticipation bonds issued pursuant to this article. 2. " Loan commissioners" means the loan commissioners of this state. 3. " Taxes" means state excise taxes levied pursuant to lawful appropriations, which are due or will become due prior to the […]
35-402. Issuance of bonds When the legislature has made appropriations for any fiscal year as authorized by law, and when ad valorem and excise taxes sufficient to produce funds to pay such appropriations have been levied, if the loan commissioners of the state ascertain that the proceeds of the taxes levied will not be received […]
35-403. Form and contents of bonds A. Tax anticipations bonds shall be signed by the governor, attested by the director of the department of administration and countersigned by the state treasurer, and shall be payable within six months from the date. They shall bear interest at such rate or rates, not exceeding nine per cent […]
35-404. Amount of bonds; limitation The total amount of tax anticipation bonds, including both principal and interest, shall not exceed fifty per cent of the ad valorem taxes, plus fifty per cent of the state’s portion of excise taxes as estimated by the department of revenue, for the years recited in the bonds, uncollected and […]
35-405. Resolution for issuance The loan commissioners shall by resolution authorize the issuance of the bonds, which shall prescribe the form of the bonds, the form of the interest coupons, the manner in which the coupons shall be signed and the particular taxes upon which the bonds are based, and shall fix the manner, terms […]
35-406. Sale of bonds; use of proceeds A. The tax anticipation bonds shall be sold to the highest bidder that meets the conditions imposed by the loan commissioners, but shall not be sold at less than par. B. When the issuance and sale of any bonds have been completed, the treasurer shall immediately call in […]
35-407. Payment of bonds and interest When bonds are issued, the taxes upon which they are based and by which they are secured shall, when and as collected, be kept by the treasurer and used solely for payment of the bonds and interest thereon, until all of the bonds, together with the interest, are paid […]
35-408. Rights of holder of bond The holder of any tax anticipation bond may, in his own name and on his own behalf, or on behalf of all the holders of the bonds, compel by mandamus the performance of any duty imposed by this article.
