Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 12720.401. Tax anticipation notes of cities of first class

Notwithstanding any other provision of law, each city shall have the power and authority, by determination adopted by a majority of the loan committee, to borrow money from time to time in any fiscal year in anticipation of the receipt of current taxes or current revenues, or both, to evidence the obligation by tax anticipation notes, appropriately designated, and to authorize, issue and sell such notes in the manner and subject to the limitations provided in this chapter.  Notes issued in anticipation of taxes shall be designated “tax anticipation notes,” notes issued in anticipation of other revenues shall be designated “revenue anticipation notes” and notes issued in anticipation of taxes and revenues shall be designated “tax and revenue anticipation notes.”  Obligations evidenced by tax anticipation notes shall not be deemed to be debt of a city subject to the limitations of Article 9 of the Constitution of Pennsylvania.  The power set forth in this article to borrow from time to time shall include, but not be limited to, the power to make a single authorization and then issue and sell portions of such amount of authorized tax anticipation notes whenever desired during the fiscal year.  Negotiations for tax anticipation notes may be commenced not more than 30 days prior to the beginning of a fiscal year, but all tax anticipation notes shall be issued and mature within the same fiscal year.