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Bonds | |
2001 Bonding | |
Section 201 | Definitions. |
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63B-10-201. Definitions. As used in this part: (1) "Bond anticipation note" means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 1 of this chapter. (2) "Flexible note" means a bond anticipation note whose interest is payable at, and on one or more dates before, maturity. (3) (a) "Short-term series note" means a bond anticipation note that is one of a series of notes issued pursuant to a financing program under which it is expected that: (i) each note will be paid from the proceeds of one or more renewal notes of that series; and (ii) the final note or notes of the series will be paid from: (A) the proceeds of bonds in anticipation of the receipt of which the note or notes were issued; or (B) money of the state on hand and legally available for that purpose. (b) "Short-term series note" includes any note issued pursuant to a revolving credit agreement or other similar liquidity facility for the purpose of renewing or paying outstanding short-term series notes on their stated maturity dates when those short-term series notes are not renewed or paid from the proceeds of one or more other renewal notes of the series.
Enacted by Chapter 321, 2001 General Session |
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