§ 19-302. Authority to borrow money and issue bonds and tax anticipation notes

   (a) General obligation bonds. -- A municipality may:

   (1) borrow money for any public purpose; and

   (2) issue and sell general obligation bonds to evidence the borrowing.

(b) Revenue bonds. -- In its charter, a municipality may provide for the issuance of revenue bonds payable as to principal and interest solely from the revenues of one or more revenue-producing projects of the municipality.

(c) Tax anticipation notes. --

   (1) Unless the charter of the municipality provides otherwise, in anticipation of the receipt of current taxes, a municipality may:

      (i) borrow money for any public purpose; and

      (ii) issue and sell tax anticipation notes to evidence the borrowing.

   (2) The municipality shall pay the principal of and interest on tax anticipation notes when current taxes are received.

   (3) Tax anticipation notes:

      (i) shall be issued in accordance with § 19-303 of this subtitle; but

      (ii) may be sold by private negotiations.

HISTORY: An. Code 1957, art. 23A, § 31, 38; 2013, ch. 119, § 2.