In addition to the other powers provided for in this article and not in limitation
thereof, the district shall have the power, at any time and from time to time after
the issuance of any bonds of the district shall have been authorized to borrow money
for the purposes for which such bonds are to be issued in anticipation of the receipt
of the proceeds of the sale of such bonds and to issue bond anticipation notes in
a principal sum not in excess of the authorized maximum amount of such bond issue.
Such notes shall be in such denomination or denominations, interest at such rate as
the board may determine, not to exceed ten (10) per cent per annum, mature at such
time or times not later than five (5) years from the date of issuance, and be in such
form and executed in such manner as the board shall prescribe. Such notes may be sold
at either public or private sale, or if such notes shall be renewal notes, may be
exchanged for notes then outstanding on such terms as the board shall determine. Such
notes shall be paid from the proceeds of such bonds when issued. The board may in
its discretion, in lieu of retiring the notes by means of bonds, retire them by means
of current revenues or from any taxes or assessments levied for the payment of such
bonds, but in such event a like amount of the bonds authorized shall not be issued.
(Sp. Acts, Ch. 75-353, § 12)
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