Power of the municipality to enter into agreement for payment of expenses in installments

(1) When, under this Act or the rules or the regulations made thereunder, the expenses of any measure taken or work executed or thing done by or under the order of any municipal authority or any officer of the municipality or any Magistrate are payable by any person, the Municipal Commissioner or the Executive Officer may, if he thinks fit and with the approval of the Standing Committee, notwithstanding anything to the contrary contained in this Act or the rules or the regulations made thereunder, enter into an agreement with such person for payment of such expenses in such installments, and at such intervals, as will secure the recovery of the whole amount due with interest thereon at such rate of interest as may be determined by the State Government, from time to time, within such period, not exceeding six years, as the municipality may determine. (2) Every such agreement shall provide for adequate security against the whole amount due from such person.