Short-term Borrowing Act

The Short Term Borrowing Act governs short-term borrowing by public bodies to cover temporary funding needs, chiefly gaps between when money is spent and when expected revenue actually arrives. It authorizes borrowing to manage cash flow, and separately permits borrowing when an emergency arises or anticipated revenue fails to materialize. The borrowing is carried out through certificates of indebtedness, which the act allows to be sold to raise the funds.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.