Short-term debt refers to current liabilities and is debt that is to be repaid within a year. Various notes may be considered short-term debt, including:
bond anticipation notes, sometimes used to fund the construction phase of a project and later paid off when bonds are issued
commercial paper, a type of bond anticipation note
grant anticipation notes, often issued to fund initial spending that is later reimbursed through a grant
tax and revenue anticipation notes, issued to provide operating money until other revenues are collected.