(a) The authority may borrow money in anticipation of the sale of bonds which have
been authorized pursuant to this chapter, but which have not been sold or delivered,
and may issue negotiable bond anticipation notes therefor and may renew the bond anticipation
notes from time to time. However, the maximum maturity of any bond anticipation notes, including the renewals
thereof, shall not exceed five years from the date of delivery of the original bond
(b) The bond anticipation notes, and the interest thereon, may be paid from any money
of the authority available therefor, including the revenues from the tax. If not previously otherwise paid, the bond anticipation notes, or any portion thereof,
or the interest thereon, shall be paid from the proceeds of the next sale of the bonds
of the agency in anticipation of which the notes were issued.
(c) The bond anticipation notes shall not be issued in any amount in excess of the
aggregate amount of the bonds which the authority has been authorized to issue, less
the amount of any bonds of the authorized issue previously sold, and also less the
amount of other bond anticipation notes therefor issued and then outstanding. The bond anticipation notes shall be issued and sold in the same manner as the bonds.
(d) The bond anticipation notes and the resolutions authorizing them may contain any
provisions, conditions, or limitations which a resolution of the authority may contain.
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