Tax Anticipation Note Act

The Tax Anticipation Note Act authorizes public bodies to borrow against taxes and other revenues they expect to receive, issuing short-term notes that are repaid out of those anticipated collections. It sets out who may issue the notes and the terms they carry, caps the amount that may be issued relative to expected revenue, and directs how and from what sources the notes must be paid. The act also protects noteholders by barring impairment of the resulting contract and limiting legal challenges to an issuance, and it operates as independent authority — including a mechanism for the state treasurer to issue tax and revenue anticipation notes on behalf of school districts.

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