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Steps to be taken to procure loan.
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4. Prior to the advance of any such loan as is in the last section mentioned, the town commissioners requiring a loan shall forward a written representation to the Commissioners of Public Works stating the object of public utility for which the loan is required, accompanied by an estimate of the amount to be expended upon the proposed works or objects, and by such maps, plans, and explanations as may be sufficient to satisfy the Commissioners of the public utility of the proposed works or objects, and that the amount required to be advanced is reasonably adequate to carry out the proposed works or objects; the town commissioners shall likewise specify the period within which they propose that the said loan should be repaid and the fund or rate upon which it is intended to be secured, and shall satisfy the Commissioners of the adequacy of such security.
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