At any time after the issuance of bonds has been authorized by a local law enacted by the council in legislative session and it is the purpose and intent of the council to issue and sell bonds as indicated by a resolution of the council, the council may borrow money for the purpose for which the bonds are authorized 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; the council may retire all or any part of such loans through current revenues or other funds, in which event the bond issue, when and if the same are sold, shall be reduced by the amount of such loans retired. Negotiable notes or certificates of indebtedness shall be issued for all such loans and the council shall be resolution provide for the form and maturity, not exceeding five (5) years, the execution and the rate of interest thereon, not exceeding six (6) percent per annum; may sell the same, with or without advertisement, in any manner it deems to be in the best interest of the county; and shall have the right to reissue or renew the same provided all of the notes or certificates of indebtedness shall mature within the time herein provided. (Mont. Co. Code 1965, § 2-104; 1933, ch. 544, § 1.)
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