§ 46-15.1-9 - Temporary borrowing. - Rhode Island Statutes

SECTION 46-15.1-9

   § 46-15.1-9  Temporary borrowing. –The board may borrow money temporarily for the purposes of this chapter andchapter 15.3 of this title in anticipation of revenue or federal aid or inanticipation of the issue of bonds, and issue notes therefor. Notes issued inanticipation of revenue may not mature or be refunded beyond one year from thedate of their original issue, and notes issued in anticipation of federal aidor of the issue of bonds may not mature or be refunded beyond five (5) yearsfrom the date of their original issue. Notes shall be payable solely from suchfunds as are derived under this chapter or chapter 15.3 of this title andprovided for payment under the applicable trust agreement or resolutiondescribed in § 46-15.1-11, and shall contain a statement to this effect ontheir face.