Pennsylvania Statutes Title 53 P.S. Municipal and Quasi-Municipal Corporations § 12720.407. Sale of tax anticipation notes

Tax anticipation notes may be sold at public, private or invited sale and at such price or prices as the loan committee, by a majority of its members, shall determine.  At the time of delivery of each issue, series or subseries of tax anticipation notes, the director of finance of the city shall certify to the original purchasers thereof that the amount of all such notes to remain outstanding will not exceed the limitations of section 402   1 calculated, however, from the date of such certificate to the respective maturity dates of all such notes to remain outstanding.  Such certificate shall be retained by the city until all tax anticipation notes issued during the fiscal year shall have been paid in full.