48.1. Notwithstanding any contrary provision in a general law or special Act, a municipality may effect loans, by way of an issue of bonds, up to a sum not exceeding 50% of the annual amounts due and required for its sinking fund or for the payment of the annual amounts in capital due at maturity in respect of previous loans by means of bonds.
Every by-law ordering loans under this section requires only the approval of the Minister of Municipal Affairs, Regions and Land Occupancy.
No loan under this section may be contracted for a period exceeding 20 years.
1984, c. 38, s. 151; 1999, c. 43, s. 13; 2003, c. 19, s. 250; 2005, c. 28, s. 196; 2009, c. 26, s. 109.