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Town Councils may borrow Money for Purchase of Lands, &c.
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II. And be it enacted, That for the Purchase of such Lands, and for defraying the Costs of such Buildings as may be erected thereon, or for contributing to the Cost of such Purchase or building, it shall be lawful for the Council of any such Municipal Borough as aforesaid, from Time to Time with the Approval of the Commissioners of Her Majesty’s Treasury, to borrow at Interest the Amount of Money which may be required for the same, on the Security of the Borough Rates as aforesaid, or the separate Rate authorized by this Act.
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