§ 30-295. Floating indebtedness.

(a)

After the levy of taxes in any year, and before the collection thereof, the board of supervisors shall have the power to issue tax anticipation notes. Said notes shall bear interest at a rate not exceeding six (6) per cent per annum, and shall be payable at such times, and may be sold or discounted at such price or on such terms, as the said board may deem advisable, and the board may pledge the whole or any part of the tax levy for the payment thereof.

(b)

The board shall also have the right to issue temporary obligations or interim certificates after the issuance of any bonds authorized under this article, but prior to the sale thereof, said temporary obligations and interim certificates shall be paid within two (2) years from the proceeds of the sale of said bonds.

(c)

Said temporary obligations and interim certificates shall have all the rights and privileges of the permanent bond holders.

(d)

The tax anticipation notes, temporary obligations and interim certificates shall be termed "floating indebtedness" in order to distinguish the same from the bonded debt as provided for herein.

(Sp. Acts, Ch. 63-661, § 15)