A. The assembly may include in an ordinance adopted under this chapter provisions authorizing the issuance and sale of special assessment bonds to pay all or part of the cost of an improvement in the district. The principal and interest of bonds issued shall be payable solely from the levy of special assessments against the property to be benefited and shall not become a general obligation of the borough. The assessments shall constitute a sinking fund for the payment of principal and interest on the bonds. The property benefited may be pledged by the assembly to secure payment.

B. Upon default in a payment due on a special assessment bond, a bondholder may enforce payment of principal and interest and costs of collection in a civil action in the same manner and with the same effect as actions for the foreclosure of mortgages on real property. Foreclosure shall be against all property on which assessments are in default. The period for redemption shall be the same as in the case of a mortgage foreclosure on real property.