Notwithstanding any other law to the contrary, any authority, in anticipation of the
issuance of bonds, may borrow money and issue temporary obligations if the bond resolution
so provides. A temporary obligation shall be designated “bond anticipation note” or “project
note” and shall contain a recital that it is issued in anticipation of the issuance
of bonds. At any time within three years of the date of the original note issue, the authority
may renew the notes, provided that a form prescribed by the director listing the terms
and conditions of the renewals is submitted to the director and the director fails
to disapprove the renewal in writing within 10 days of the date of its receipt. If the renewal is disapproved by the director, the Local Finance Board shall hold
a hearing as set forth in section 7 of P.L.1983, c. 313 (C. 40A:5A-7). Any application for a renewal after three years from the date of the original issue
shall be submitted and subject to the approval and conditions of the Local Finance
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