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Power of mortgaging.
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7. The town commissioners of any town requiring a loan under the provisions of this Act are hereby authorised and empowered to charge and mortgage to the Commissioners any portion of the rates of such town or the special rate levied in pursuance of the last preceding section for securing the repayment of such loan with interest at the time or times specified by the Commissioners, and in the event of the non-payment of such loan or any part thereof at the time or times so specified it shall be lawful for the Commissioners to sequester such portion of the rates or such special rate as may have been mortgaged or charged to them for the purposes aforesaid, and to collect the same until the loan or the portion thereof unpaid shall have been satisfied, and for this purpose the Commissioners shall have and are hereby empowered to use all the remedies possessed by the town commissioners for the collection and enforcement of such rates or special rate.
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