(a) The commission may declare an emergency because money is not available to meet any of the authority’s needs, including to pay the principal of and interest on authority bonds.
(b) Bond anticipation notes may bear interest at a rate not to exceed 10 percent and must mature not later than one year after the date of issuance.

(c) Bond anticipation notes issued by the authority must be taken up with the proceeds of the bonds, or the bonds may be issued and delivered in exchange for the bond anticipation notes.