The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1891-05-12

progresses ID such form a9 the board NAV
prescribe: said notes u certificates shall
bear interest at a rate not exceeding six
per centum per annum. TO be fixed BY the
board, and shall be payable ut the expira-
ton OF not more than tire e years from
the date Of their issue, a that all re-
ceipts from assessments mode against
property benefited by snch improvements
shall be paid 10 the treasurer and shall
be applied TO the payment of any indebt-
edness incurred by the village therefor.
6I. And be il enacted, That in order
10 provide FOR the expense Of any such
improvement. aud the notes or certih-
Gates OF Indebtedness issued therefor. il
shall and MAJ be lawful for said board OF
trustees 70 Issue bonds TO ruu for q period
not to exceed ten years, and snail be 50
issued that an equal position OF the same
shall be made payable in each year from
and after Two years from the date Of said
bonds, and to bear interest not exceeding
six per cent per annum, which said bonds
shall be styled Improvement bonds, shall
be issued In such denominations as the
board Of trustees may determine and be
executed under the corporate seal OF said
village, signed BY the president Of said
board and cou1tersigned By the clerk
thereof; coupons for every half years in
terest shall be attached to each bond and
numbered to correspond thereto. OF the
said bond may be registered, at the OPP
ton OF the holder: they shall be sold for
not less than their par or face value and
the proceeds thereof shall be used TO pay
the costs, damages and expenses Of said
improvement and public works, and
TO take up and pay of such temporary
notes or certificates as have been given in
payment of such costs and expenses; pro-
vided, that in order to meet the interest
on said as may be issued to pay the
portion Of such costs and expenses re-
quired to be paid by said village at large,
and redeem the same at maturity. IL shall
be the duty of the board Of trustees to Or
der the interest thereon. together with
the installment OF principal falling due
the subsequent year., to be raised in the
annual tax levy In each year.
CO. And be it enacted, That the owners
Of the lands specially assessed may pay
said assessments In such equal yearly
payments, not exceeding ten. as the said
trustees may determine, with legal inter-
est thereon, from the date or said COM
missioners' report: the first OF which said
annual payments shall be made within
three months after the confirmation by
said court of the report Of said commits
sioners, and upon failure to makea any of
the annual payments or any installment
Of the interest upon the assessment when
due, the whole of said assessment snail
become and be Immediately due and pay
able; provided, that any party assessed
shall AVE the privilege OF paying the
whole OF any assessment with accrued In
terest at one time.
GO. And be 1t enacted, That In ease any
owner Of lands so assessed shall fail TO
pay any such assessment. or any Install
ment thereof, or the interest thereon, at
the time and in the manner prescribed
by this act. the said board Of trustees may
sue for and recover from such owner the
whole of such assessment remaining un-
paid, with interest and costs, by an action
! Of contract in any Of competent jur-
isdiction. in the nam Of said village.
against the owner Of the and SO assessed,
for so much money Iald out and expended
for the use OF such owner, n may de-
clare generally and give the special mat
ter in evidence, and II any OF the said
owners reside out Of this state q writ Of
attachment may be resorted 10 as in other
! cases Of nonresident debtors. and the
report of the said commissioners and the
order Of the court confirming the
same shall be conclusive evidence
against the said defendants and
the said assessment shall be and
/ continue q lien on the lands against which
the same, is assessed or IL shall be law
full tor the said board NJ trustees, and
/ they are hereby authorized to sell at pub
lie sale the said lands SO assessed for the
shortest term Of years for which any per-
son will agree to take the same, not ak
ceeding thirty years, and pay the said
assessment with interest and the cost and
expenses of sale, having first advertised
said sale for the space OF one month at
least, once in each week, in two Of the
newspapers published in said county,
giving notice of the time and place of
sale, together with a brief description Of
said land, and specifying the amount Of
such assessment remaining unpaid, and
the same OF the owner of the land against
which said assessment was made, and
upon such sale the said board of trustees
shall execute, its common seal, a
declaration of such sale, TO be signed by
its president and clerk, and deliver the
same to the purchaser, and the said
purchaser, his executors, administra-
tors and assigns, shall by virtue there
vi lawfully hold and enjoy the said
lands and real estate for his and their
own proper use. against the owner or
owners thereof, and all persons claiming
under them, until said term shall be COM
pieted and ended. and b be at liberty
TO emove all the buildings and materials
thereon; n the recitalS in sucn DECLARE
ton of sale shall be deemed and taken
as prima facie evidence Of the truth OF
the matters therein set forth.
GA. And be it enacted, 1ha the lands.
tenemenrs or Entertainments so sold may
be redeemed by the owner, mortgage.
occupant or person having a legal or
/ equitable interest therein at any time
within two years from the date of said
declaration Of sale, by paying to the pur-
/ chaser thereof. his executors, administra-
tors or assigns, the amount of said pur-
chase money, together with any other
sum paid for taxes or assessments which
the said purchaser ma ave paid,
chargeable on said lands, tenements or
real estate. with interest on such sums at
the rate of ten per centum per annum,
in addition thereto; and if the person SO
redeeming be n Judgment creditor or a
mortgage Of the premises, he shall have
a lien on the let redeemed BY him By vir-
tue of this act for the amount paid by
him TO the purchaser TO effect such re-
demption, with the legal interest which
may thereafter accrue thereon. in like
manner as if the same had been included
in his mortgage or Judgment, and may
enforce the payment Of the amt IN the
same manner; provided that no mortga-
gee, whose mortgage shall have been
duly recorded before such sale, shall be
Invested of his right TO redeem such
property after the expiration Of said
period of two years. hereinbefore pro-
yided for the redemption of the said
property, until six months after receiving
notice il writing of such sale from the
purchaser, or IN person claiming under
him; provided, also, that the said sale
may be adjourned and postponed from
time to time or suspended, as the board
of trustees may direct, and provided far
Their, that if at any such sale OF lands for
such assessment, any part thereof shall
remain unsoldf for the want o I purchasers,
it shall be lawful for the said board
Of trustees TO purchase said lands for the
benefit Of such village for the term Of
thirty years, subject 10 the same redemp-