The Birmingham age-herald., 1907-03-16

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 to redeem property sold for taxes by the
 State of Alabama. within two years from | the date of the sale by paying to the purchaser or the city treasurer for him | the amount for which the property was l sold with interest thereon at the rate of l Qo) per centum per annum from the date | of sale, together with a fee Of five dol- l lars for the expense of a conveyance. No
 mistake in said publication in the de- 1 scription of the property, or in the name
 of the owner shall vitiate the assessment l of the lien. and if, for any reason, tho sale made by the city or town shall be ! intellectual to pass title, it shall operate
 as assignment of the lien, and upon l the request of the purchaser, supple
 mentary proceedings of the same general character as herein required may be had to correct the errors in said proceedings
 for his benefit or the lien so assigned to him may be enforced in equity.
 Sec. 15. That for the purpose of pro- viding funds to pay the cost of any inn provement authorized to be made under
 the provisions of this act, the mayor and aldermen of any city or town or other municipality may before the contract is let for such improvement issue bonds
 within the limitations prescribed by the Consti tuition, in such amount as may be necessary, not to exceed the total coat O fthe improvement as estimated by the city engineer or other person appointed by the city or town to make the prelim- mary surveys and estimates for such im-
 provement. Provided, however, that tls
 mayor and aldermen may borrow moneH
 on the faith and credit of the city or town, executing the note of tho city E town therefor, and pledging as security for such loan the proceeds of the pro- posed assessments to be thereafter made as provided in this act, and such sum or sums so borrowed the mayor and alder men may advance for the construction or such Improvements and afte rthe con- petion thereof; and upon the expiration of thirty days G0) after the assessment for the cost of such improvements shall have been made final. the mayor and aldermen may then issue and sell bonds for such an amount as may be necessary, after dedueting the amount paid by property owners. to pay the cost of said improvements including such amounts as may have been borrowed for the pur- pose. and all interest and other expenses l incurred for the construction of said im- proVement,
 Sec. 16 That said bonds shall be nego- tiable and payable to bearer, and may be payable in lawful money, or gold coin of the United States, as the mayor and
 aldermen may prescribe, and by the or | dinance providing for the issue of such bonds full provisions shall be made for 1 their form and character; said bonds l shall have coupons attached to represent l the interest thereon, and the mayor and aldermen may provide that such bonds 1 may be changed from coupon to regis 1 tered bonds, or vice versa Such bonds
 shall be in such denomination as the
 mayor and aldermen may direct, not to l exceed one thousand dollars and sf less
 than fifty dollars each. They g l interest at not to exceed eight
 l (S per centum) payable annually, a. l 4.1Ig hh | therein. They shall be issued under tha 1 corporate seal of the city or town, and 1 shall be signed by the mayor, and the l treasurer thereof, and shall be disposed | of at not less than par, but the mayor 1 and aldermen may provide in the ordl-
 nance or resolution ordering the con- l struction of any improvement, or by sub
 seduent order, that the bonds to be there-
 after issued to pay for such improve ment may upon the completion and ac- l ceptance of such work, be issued to the
 contractor at not less than par, in pay
 ment or part payment of the contract price for such work. 'nhe said bonds l shall be payable ten Qo) years 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 in-
 terest period, but in the event the
 city or town should elect to pay off any
 such bond or bonds before maturity 1t l shall pay a bonus to tne nOlueI lhtlc-
 of a su mequal to one-half the annual
 interest thereon, and the city or town
 shall give public notice of its intention | to redeem said bond or bonds, describing | the same by number and series, by pup | lication once a week for thre consecutive
 weeks in a newspaper published In sald
 city or town, or of general circulation l therein.
 Sec. r. That any city or town having
 a population of less than six thousand,
 and not except from the provisions or
 the Constitution prescribing the limit or | indebtedness which may be incurred by cities and towns of less than six thousand 1 inhabitants, and having an existing in-
 debtedness of such amount as would pre- l clude such city or town from issuing im-
 proyement bonds of the character above
 described, may. notwithstanding such ln-
 debtedness, issue such bonds, but tho l same shall be a lien or charge only
 against the property improved and against l the fund collected from the assessments
 levied against the property improved,
 and shall not be the general obligation
 of the city or town, nor shall such city
 or town be in any way liable to the hold l CTS of such bonds in case of mailure 1 collect the same. Such last des
 bonds when issued shah convey
 transfer to the owners thereof all Tent, l title and interest in and to the assess
 ment, and the lien upon the respective | lots or parcels of ground herein provided | for, which liens and assessments shall 1 stand as security for such bonds and
 coupons until they are paid, with full | power in the holder of such bonds or cou-
 pons to enforce the collection thereof by l foreclosure in any court of competent l jurisdiction. Provided that the first bond | or coupon holder who institutes a fore- | closure suit in any court against any
 property assessed, shall only be entitled | to have the proceeds of said suit applied | pro rata to the payment of his own bonds
 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 1S That the proceeds from the sale
 of bonds authorized to be issued by thls 1 act shall be applied only to the payment | of the cost of improvement designated In
 the ordinance providing for their Issue, l but should there be any surplus from any | bond issue over and above such cost 1t | may be applied to the cost of other lm-
 provements, the cost of which shall be
 assessed and collected as herein provided 1 for.
 1 Sec 19 That nothing in this act shall | be construed as to take from the mayor
 and aldermen of any city or town, or | any manner affect the power and author | ity to compel property owners by penal | ordinance or otherwise, to repair the side l walks in front of their property fin such | manner, and with such material, as may | be directed and under tne 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 prop