6007

Municipalities may borrow money through special obligations evidenced by credit instruments other than bonds, notes or notes in advance of bonds. The contracting of such instruments shall be governed by the provisions of this chapter which apply to the issue of notes in cases of obligations for terms not greater than eight (8) years, and those applicable to the special obligation bond issue in the case of obligations for terms greater than eight (8) years. In cases of instruments in advance of taxes and revenues, the instruments, including any renewal thereof, shall mature not later than ninety (90) days after the close of the fiscal year in advance of which taxes or revenues were contracted.\nHistory —July 3, 1996, No. 64, § 8, renumbered as § 9 and amended on Aug. 12, 1997, No. 75, § 8.