Sec. 15. (a) If the legislative body finds that an emergency requires the borrowing of money to meet the township's current expenses, it may take out temporary loans in an amount not more than eighty percent (80%) of the total anticipated revenue for the remainder of the year in which the loans are taken out.
(b) The legislative body must authorize the temporary loans by a resolution:
(1) stating the nature of the consideration for the loans;
(2) stating the time the loans are payable;
(3) stating the place the loans are payable;
(4) stating a rate of interest;
(5) stating the anticipated revenues on which the loans are based and out of which they are payable; and
(6) appropriating a sufficient amount of the anticipated revenues on which the loans are based and out of which they are payable for the payment of the loans.
(c) The loans must be evidenced by time warrants of the township stating:
(1) the nature of the consideration;
(2) the time payable;
(3) the place payable; and
(4) the anticipated revenues on which they are based and out of which they are payable.