When any housing authority which is created for any municipality becomes authorized to transact business and exercise its powers therein, the governing body of such municipality shall immediately make an estimate of the amount of money necessary for the administrative expenses and overhead of such housing authority during the first year thereafter and shall appropriate such amount to the authority out of any monies in the treasury of such municipality not appropriated to some other purpose. The money so appropriated shall be paid to the authority as a donation. Any municipality located within the area of operation of a housing authority shall have the power from time to time to lend or donate money to the authority. The housing authority, when it has money available therefore, shall make reimbursement for all loans made to it. (1961, No. 212, § 23, eff. July 11, 1961.)