As used in this part:

1. (1) "Bond anticipation note" means a note issued in anticipation of the receipt of the proceeds of the sale of the bonds authorized under Part 1, 2001 Highway General Obligation Bonds.
2. (2) "Flexible note" means a bond anticipation note whose interest is payable at, and on one or more dates before, maturity.

3. (3)

   1. (a) "Short-term series note" means a bond anticipation note that is one of a series of notes issued pursuant to a financing program under which it is expected that:

      1. (i) each note will be paid from the proceeds of one or more renewal notes of that series; and

      2. (ii) the final note or notes of the series will be paid from:

         1. (A) the proceeds of bonds in anticipation of the receipt of which the note or notes were issued; or
         2. (B) money of the state on hand and legally available for that purpose.
   2. (b) "Short-term series note" includes any note issued pursuant to a revolving credit agreement or other similar liquidity facility for the purpose of renewing or paying outstanding short-term series notes on their stated maturity dates when those short-term series notes are not renewed or paid from the proceeds of one or more other renewal notes of the series.

Enacted by Chapter 321, 2001 General Session