Section 47

Where a local authority is unable to pay any money due in respect of any loan granted under this section, the Government of the

Federation or of any State may, at any time after the expiry of sixty days from the date on which such money becomes due and payable, order that a rate or rates of such amounts as it may fix be made and levied upon all rateable property within the local authority area and such rate so ordered shall have the same incidence as any rate imposed by the local authority and may be enforced in like manner and the proceeds thereof shall be paid into the general revenue of the

Federation or of the State.

Loans to be first charge on revenue and assets