36. Notwithstanding any provision to the contrary in any general law or special act, the Commission may authorize a municipality to contract loans, by bond issues, to an amount not exceeding fifty per cent of the annual amounts due and required for its sinking-funds or for paying the annual maturities in capital, on the loans previously contracted by bonds.
The by-law or by-laws ordering such loans must be submitted for the approval of the Commission and of the Government, but without it being necessary to submit such by-law or by-laws for the approval of the elector-proprietors.
The loan or loans so contracted must not be for a longer period than twenty years.
R. S. 1964, c. 170, s. 35.