The town through its town council is hereby authorized to issue and sell from time to time interest bearing or discounted notes to an amount not exceeding five million dollars ($5,000,000.00) signed by the town treasurer and countersigned by the president of the town council for the purposes specified in section 4 of this chapter or for the purpose of replenishing general funds as provided in section 8 of this chapter. Temporary notes issued hereunder shall be payable within three (3) years from their respective dates, but the principal and interest on notes issued for a shorter period may be renewed or paid from time to time by the issue of other notes hereunder provided the period from the date of an original note to the maturity or any note issued to renew or pay the same debt or the interest thereon shall not exceed three (3) years. (P.L. 1958, ch. 138, § 1; P.L. 1964, ch. 72, § 3; P.L. 1968, ch. 50, § 2.)
Editor's note. P.L. 1968, ch. 50, § 3, provided that the section here codified be submitted to the electors of the town qualified to vote upon a proposition to impose a tax or for the expenditure of money, and § 4 provided that the section here codified would take effect upon approval of such voters. The question was submitted at the election held May 13, 1968, and the section here codified was so approved.