8121 - Power to issue tax anticipation notes.
SUBCHAPTER B TAX ANTICIPATION NOTES AND FUNDING DEBT Sec. 8121. Power to issue tax anticipation notes. 8122. Limitation on amount of tax anticipation notes. 8123. Maturity date and time of payment of interest. 8124. Other terms of tax anticipation notes. 8125. Security for tax anticipation notes and sinking fund. 8126. Certification as to taxes and revenues to be collected. 8127. Sale of tax anticipation notes. 8128. Condition precedent to validity of tax anticipation notes. 8129. Scope of unfunded debt. 8130. Approval by court to fund unfunded debt. Cross References. Subchapter B is referred to in sections 8211, 8223, 8262, 8283 of this title. § 8121. Power to issue tax anticipation notes. A local government unit may have power and authority, by resolution of its governing body, to borrow money from time to time in any fiscal year in anticipation of the receipt of current taxes or current revenues, or both, to evidence the obligation by notes, appropriately designated, and to authorize, issue and sell the notes in the manner and subject to the limitations provided therefor in this subchapter. References in this subpart to tax anticipation notes include also revenue anticipation notes and tax and revenue anticipation notes. Limitations imposed by this subpart on the incurring of nonelectoral debt shall not apply to the obligations evidenced by tax anticipation notes. The power to borrow from time to time shall include the power to make a single authorization and then issue and sell portions of that amount of authorized notes whenever desired during the fiscal year. Cross References. Section 8121 is referred to in section 8201 of this title.