RSA 33:7-c Borrowing in Emergency Due to Bankruptcy.

Whenever any person, firm or corporation, who or which owns property subject to taxation under any provision of RSA 72, files a petition in bankruptcy, or is adjudicated bankrupt under any chapter of the federal bankruptcy laws, thus causing a substantial delay in or impediment to the payment or collection of property taxes assessed thereon by the city or town in which such property is located, such city or town, if the locally assessed value of such property of the bankrupt taxpayer exceeds 5 percent of the total locally assessed value of all taxable property within the city or town, may borrow money from time to time to meet any such deficit by issuance of its notes in such amount as may be approved by majority vote of its legislative body if a city, or of those present and voting at an