1. (a) The board may authorize and make temporary loans in anticipation of the collection of taxes in the district actually levied and in course of collection for the fiscal year in which the loans are made.

2. (b) The board must authorize the loans by ordinance and shall evidence the loans by warrants in the form provided by the authorizing ordinance. The warrants must state the following:

   1. (1) The total amount of the issue.
   2. (2) The denomination of the warrant.
   3. (3) The time and place payable.
   4. (4) The rate of interest.
   5. (5) The revenues in anticipation of which the warrants are issued and out of which the warrants are payable.
   6. (6) A reference to the ordinance authorizing the warrants and the date of passage of the ordinance.

3. (c) The ordinance authorizing the temporary loans must appropriate and pledge sufficient of the current revenues in anticipation of which the warrants are issued and out of which the warrants are payable to the payment of the warrants. The warrants evidencing the temporary loans shall be executed, sold, and delivered in the same manner as are bonds of the authority.

   [Pre-1995 Recodification Citation: 13-2-31-20.]

As added by P.L.1-1995, SEC.20.