Towns may incur indebtedness and issue notes for temporary loans, other than loans in anticipation of taxes, in any case where moneys belonging to them are lost or rendered unavailable through any default, suspension of payment or other casualty. They may proceed in like manner where moneys received for the use of a school or village district, but not yet paid over thereto, are so lost or rendered unavailable.
Source. 1925, 1:1. PL 42:10. RL 51:10.