Section 120.32 - [See Note] Power to borrow in anticipation of tax(1) A port commission is hereby authorized, prior to the receipt of taxes raised by a levy, to borrow money or issue the warrants of the district in anticipation of the revenues to be derived by the district from the levy of taxes for the purpose described in this act. The warrants shall be redeemed from the first money available from the levy of taxes when collected.(2) Bonds and notes issued under this section are subject to the revised municipal finance act, 2001 PA 34, MCL 141.2101 to 141.2821.1925, Act 234, Eff. 8/27/1925 ;--CL 1929, 2321 ;--CL 1948, 120.32 ;--Am. 2002, Act 447, Imd. Eff. 6/17/2002.See subsection (2) of § 120.130 regarding the conditional repeal of §§ 120.1 through 120.35.