TITLE III TOWNS, CITIES, VILLAGE DISTRICTS, AND UNINCORPORATED PLACES
CHAPTER 31 POWERS AND DUTIES OF TOWNS
Emergency Borrowing
Section 31:12
31:12 Amount; Debt Limit. –
Loans so effected shall not exceed the amount of the funds so lost or unavailable; and the proceeds thereof shall be held in lieu of such funds and applied to the same uses. The loans shall not be included in determining the authorized borrowing capacity of the municipality.