398.1. The Regional Government may, if so authorized by a northern village pursuant to section 227.1, order or contract a loan on behalf and in the name of the municipality. If so authorized by several municipalities, the Regional Government may order or contract a loan on behalf and in the name of those municipalities.
Any loan made pursuant to this section is, for all purposes in respect of third parties, deemed to be a loan contracted by the Regional Government and section 398 applies to it, with the necessary modifications.
The municipality on whose behalf and in whose name all or part of the loan is made must pay to the Regional Government, according to the terms and conditions prescribed by the latter, the sums necessary to reimburse the loan or such part of it, including interest and costs.
1982, c. 63, s. 271; 1996, c. 2, s. 1102; 1999, c. 40, s. 331.