35. The Commission may authorize a municipality other than a municipal corporation, upon application made to it by a mere resolution of the council, to contract one or more temporary loans upon the conditions and for the period which the Commission determines.
The conditions so determined by the Commission shall govern such loans notwithstanding any contrary or incompatible provision of a general or special act limiting the amount of temporary loans and determining the period for their reimbursement.
The provisions of this section and of section 25 shall apply to every temporary loan contracted by a municipality since the 18th of May, 1932, and approved by the Commission.
R. S. 1964, c. 170, s. 34; 1972, c. 60, s. 34; 1975, c. 65, s. 6.