Any political subdivision lacking an appropriation providing funds from which to carry out the terms of this chapter, may borrow the amount necessary from the state paying, therefor, interest at the rate of one percent per annum. The state treasurer shall advance the sums necessary from time to time to enable a political subdivision to carry out the provisions hereof upon receiving from its treasurer or other fiscal agent his certificate and the note of the political subdivision signed by him. All such notes shall be binding obligations of the political subdivision payable at its pleasure but in any event within 5 years from the date thereof.
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