7No application shall be made by a municipality to the Board for authorization to obtain money by way of a loan or by the issue of debentures or to guarantee the repayment of any loan or issue of debentures unless such loan, issue of debentures or guarantee of repayment of any loan or issue of debentures is authorized by the council.
7No application shall be made by a municipality to the Board for authorization to obtain money by way of a loan or by the issue of debentures or to guarantee the repayment of any loan or issue of debentures unless such loan, issue of debentures or guarantee of repayment of any loan or issue of debentures is authorized by the council.