The state director of revenue may, upon petition by the city or town council, authorize
the city or town to incur indebtedness in excess of the limit of three percent (3%)
of the taxable property of the town imposed by § 45-12-2 whenever the director determines that the sum appropriated by any city or town or
the funds available are insufficient to pay the necessary expenses of the city or
town. For this purpose the state director of revenue may require any information concerning
the financial condition of the city or town that the director may deem necessary for
the proper exercise of that authority.
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