63J-6-201 - Borrowing authorized -- Limitation -- Issuance of notes -- Maximum term.
63J-6-201. Borrowing authorized -- Limitation -- Issuance of notes -- Maximumterm.
The state treasurer may borrow money for the state in anticipation of (a) income orrevenue from taxes, whether the taxes are specific, ad valorem, excise, sales, income, franchise,or fees for the current fiscal year, or that portion of the taxes not collected or previouslyanticipated at the time of borrowing, and (b) other non-tax revenues of the state, in a principalsum not greater than 75% of such income or revenue which the director of the Division ofFinance certifies to the state treasurer are to be reasonably anticipated to be collected during thecurrent fiscal year. Each loan shall be evidenced by the issuance and sale of tax and revenueanticipation notes of the state, for fixed periods not to exceed 12 months or the end of the currentfiscal year, whichever is sooner.
Renumbered and Amended by Chapter 382, 2008 General Session