Bond Anticipation Note Act

The Bond Anticipation Note Act governs the issuance of short-term notes by public bodies in anticipation of bonds, giving them a means of interim borrowing ahead of a permanent bond issue. It establishes the authority to issue such notes and any voter approval required, the authorizing instrument the governing body must adopt, and the manner of issuance — the form, terms and conditions of the notes, their execution and attestation (including the use of facsimile seals and signatures), and their endorsement, payment, surrender and cancellation. It also fixes the security and sources from which the notes are paid, provides for a recital in the notes bearing on their legality and for the governing body's own determination of legality, and defines the scope and effect of the act's provisions relative to other law.

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