227. The Minister may authorize the municipality, on an application made by a resolution of its council, to contract one or more loans for the term determined by the Minister and on the conditions determined by the Minister of Finance.
The conditions so determined by the Ministers shall govern the loans notwithstanding any contrary or incompatible provisions of a general law or special Act limiting the amount of loans and determining the period for their reimbursement.
Notwithstanding the first two paragraphs, the council may, by resolution, order temporary loans for the payment of current administrative expenses and contract them on the conditions and for the term it determines.
The council may also contract such loans for the total or partial payment of expenses incurred under a loan resolution contemplated in the first paragraph. In that case, if the amount is greater than 90% of the amount of the loan contemplated in the said paragraph, the council shall obtain the prior approval of the Minister.
1978, c. 87, s. 227; 1984, c. 38, s. 176; 1985, c. 27, s. 115; 1996, c. 2, s. 1105; 2005, c. 50, s. 90; 2006, c. 31, s. 113.