The Montgomery advertiser., 1907-03-16

from their date, but any bond or bonds so issued and sold shall at the option of the city or town be payable at any interest period, but in the event the city or town should elect to pay on any such bond or bonds before maturity, ft shall pay as a bonus to the holder thereof sum equal to one-half the an- nual interest thereon, and the city or town shall give public notice Of tts intention to redeem said bond or bofds, describing the same by number /and series, by publication once week For three consecutive weeks in a newspa- per published in said city or town, or of general circulation therein.
 Sec. 5T. That any city or town hay ing a population of less than six thous- and, and not excepted from the provis- ions of the Constitution prescribing the limit of indebtedness which may be in- cured by. cities and towns of less than six thousand inhabitants, and having an existing indebtedness of such an amount as would preclude such city or town from issui z improvement bonds of the character above described. may notwithstanding such indebtedness, is- sue such bonds, but the same shall be a lien or charge only against the prop erty improved and against che fund col lected from the assessments levied against the property improved, and Sndli nut Ue LhC 6NhNAoh O0AAoNeAOh VI the city or town, nor shall such city or town be in any way liable to the holders of such bonds in case of fail- ure to collect the same. Such last de- scribed bonds when issued shall convey and transfer to the owners thereof, all right, title and interest in and to the assessment, and the lien upon the respective lots or parcels of ground herein provided for, which liens and assessments shall stand as security for such bonds and coupons until they are paid. with full power in the holder of such bonds or coupons to enforce the coi- lection thereof by foreclosure In any court of competent Jurisdiction Pro- vided, that the first bona or coupon holder who institutes a foreclosure suit in any court against any property as- sessed, shall only be entitled to have the proceeds of said suit applied pro rata to the payment of his own ponds and the bonds held by others, so that not more than one foreclosure suit shall be brought against any one lot or parcel of land.
 Sec. IS. That the procee0s from the sale of bonds authorized to be Issued by this act shall be.appiIed only to the payment of the cost of improve ment designated in the ordinance pro viding for their issue, but should there be any surplus from any bond issue over and above such cost. it may be applied to the cost of other improve ments, the cost of which shall be as- sessed and collected as herein provided for.
 shall be construed as to take from the mayor and aldermen of any city or town. or in any manner affect the pow CT and authority to compel property owners by penal ordinance or other wise, to repair the sidewalks in front of their property in such manner, ana with such material, as may be directed and under the supervision Of the city engineer or other officer or agent Of the city, or to cause such repairs to be made at the expense of the property owners.
 Sec. 20. That whenever in the judg- ment of the board 1t may be necessary or expedient for the carrying out and full exercise of the powers hereby granted, the mayor and aldermen shall have power and authority to acquire by pdrchase and condemnation the nec- essary lands, or rights, or easements. or interest herein. hereunder and thereover, and may proceed to condemn the same in the manner provided by the general laws of this State govern ing the taking of lands or the acqufF- ing an interest therein for the uses for which private property may De taken; and such proceedings shall be governed in every respect by the gens eral laws of the State pertaining there to.
 Sec. 21. That this act shall not op- crate to modify, alter or repeal any spe- cial or local laws applicable to partic- ular towns and cities of thIs State, and relating to or authorizing tne making of local improvements at the expense of the owners of property benefited thereby, but all such cities And towns. in addition to the powers already granted them, shall have and may ex- ercise at their election. the powers and authority granted by this act to mus nicipal corporations of thIs State.
 Approved March 5, 1907.
 Official.
 Frank N Julian.