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An act concerning tax anticipation notes of the Borough of Naugatuck.
The mayor and burgesses of the Borough of Naugatuck may, at any time, provide for
discounting at current rates of interest notes sufficient to meet taxes already laid
but not collected, or which are payable in any current fiscal year, and shall have
power to borrow, in the name of the borough, by obligations signed by the mayor, obligations
signed by the mayor, such sums as in its opinion may be needed to defray appropriations
made by said borough in anticipation of taxes which have been laid but not collected
and in anticipation of proceeds of bonds the issue of which has been authorized but
which remain unsold. Such notes for sums so borrowed shall be paid from taxes when
collected or from proceeds of the sale of such bonds. The mayor and burgesses may
cause to be inserted in any such note the following provision: "The bearer hereof
may use this note at its face value plus accrued interest, if any, in payment of taxes
due or to become due from such bearer to the Borough of Naugatuck, provided, if this
note shall be presented to the collector of said borough for that purpose, it shall
be accepted by him in payment of such taxes and provided, if the bearer of this note
or the original purchaser thereof shall owe taxes to said borough when this note shall
be presented for payment, or shall become due and payable, it shall be applied first,
as far as may be, to the payment of taxes, interest and fees then due to said borough
from such bearer and second, if any balance remain, to the payment of taxes, interest
and fees then due to said borough from the original purchases; and the excess, if
any there be, shall be paid to such bearer in cash." (Special Laws 1933, Act No. 393;
Amd. of 11-8-94)
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