Title I, The State and Its Government

Any town, city or county which is or shall hereafter be unable to finance the ordinary needs of government, or to meet outstanding or maturing obligations to pay, owing to the inability to collect taxes already assessed, or the extraordinary demands made upon it for unemployment …

If, upon investigation, the governor and council shall determine that an emergency exists in such town, city or county, and that such town, city or county is unable to borrow money through the usual banking channels, upon reasonable conditions as regards payment of interest or ot…

Said notes or bonds, when issued, shall be legal obligations of said town, city or county and shall be executed and issued in the manner now provided by law for the execution and issuance of notes or bonds by such political subdivisions, but the governor and council shall act as …

All money realized from such emergency loans shall be deposited with the state treasurer or in such banks as the governor and council may determine, and shall be paid over to the disbursing officer of such town, city or county only on the order of the governor, in such amounts as…