At any time after a bond ordinance has taken effect as provided herein, the city may borrow money for the purpose for which bonds are to be issued, in anticipation of the receipt of the proceeds of the sale of the bonds and within the maximum authorized amount of the bond issue. Such loans shall be due and payable not later than three years after the time of taking effect of the ordinance authorizing the bonds upon which they are predicated. But the limits of the life of the bonds, as herein prescribed, shall be construed to include the term of such temporary loan.