(1)  A council, for the purpose of raising a loan or obtaining any form of financial accommodation, may decide by an absolute majority to provide any of the following forms of security:

(a) debentures;

(b) bills of sale, mortgages or other charges;

(c) inscribed stock;

(d) guarantees;

(e) any other document evidencing indebtedness other than bearer instruments.

(2)  A council may not raise a loan in any financial year exceeding any amount the Treasurer determines for that financial year.

(3)  In this section, loan includes any financing arrangement as determined by the Treasurer.