§ 40.00 Budget note resolution; form and contents; authorization
thereof. a. The issuance of budget notes or renewals thereof shall be
authorized by a "budget note resolution." Each such resolution shall be
properly dated and shall bear a title which will indicate that it
relates to a budget note.

b. Any municipality, school district or district corporation may adopt
one or more budget note resolutions authorizing the issuance of budget
notes for a specific object or purpose, for which object or purpose
budget notes may be issued. In addition, any municipality may adopt one
or more budget note resolutions authorizing the issuance of budget notes
for a class of objects or purposes set forth in paragraph b, c, d or e
of section 29.00 of this chapter.

c. A budget note resolution shall contain, in substance, at least the
following provisions:

1. A statement setting forth the facts and circumstances necessitating
the issuance of such budget notes and the specific object or purpose or
the class of objects or purposes for which the budget notes to be
authorized by such resolution are to be issued and stating that there
are no other funds available with which to pay or provide for such
object or purpose or class of objects or purposes. Such circumstances
necessitating the issuance of budget notes and such specific object or
purpose shall be described in brief and general terms sufficient for a
reasonable identification.

2. A statement of the amount of budget notes to be issued for such
specific object or purpose or class of objects or purposes.

3. A statement of the period of maturity of such notes.

4. If such notes are to be issued in renewal of other notes a
statement that the date of maturity of such notes shall not extend
beyond the applicable period provided in section 29.00 of this chapter
for the maturity of such notes.

d. Every budget note resolution shall be adopted by at least a
majority vote of the voting strength of the finance board. A majority
vote shall be sufficient for the adoption of a resolution authorizing
the renewal of any budget note.