Any issuer, except a sanitary and improvement district, which is authorized to issue
warrants to pay costs of any water, sanitary, or storm sewer or other utility improvement
or any street improvement, pending permanent financing by issuance of bonds, is hereby
authorized to provide temporary financing for costs of such improvements by issuance
of bond anticipation notes in lieu of issuing warrants. Such notes may be issued in the amount of the estimated cost of the improvements to
be financed, including interest to accrue on such notes, as such estimated costs shall
be determined by the governing body. Such notes shall be paid from the proceeds of bonds which the issuer is otherwise
authorized to issue for such improvements and from any other funds available for the
purpose. Bond anticipation notes may be issued on such terms and conditions and sold in such
manner and at such prices as the governing body of the issuer shall determine. An issuer which has issued and has outstanding bond anticipation notes pursuant to
this section may issue refunding notes with which to call and redeem all or any part
of the outstanding notes at or before maturity or the redemption day of the notes.
Such refunding notes may be issued in an amount sufficient to pay any redemption premium
and interest to accrue and become payable on the notes being refunded to the date
of payment of such notes. The refunding notes may be issued on such terms and conditions and sold in such manner
and at such prices as the governing body of the issuer shall determine and shall be
payable from the same sources as would have been available for payment of the notes
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