Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-08-20
FIVE

the amount due and assessed
AGAINST each lot and parcel of land,
as above specified, and all pur-
.chasprs, mortgages and incumb-
RANGERS of said lots and parcels of
land shall take the same subject to
such llon and such lien, when de-
lnquout, shall have the effect OF
la mortgage. and may be fore
closed in the manner now provided
10y statute or as may bo hereafter
provided for the foreclosure of
mortgages ON real estate. When
Sai' assessments and the INSTALL
ments Of such and the interest
thereon have been paid i'm fun, it
shall he the duty Of the city clerk
to release and discharge the said
lien and liability.
Section 5: TO evidence tho La
hility Of the said owners. and their
property for payment of the az
Sessmcnts here specified the City
Comm sSion shall have power, and
1t shall he its duty. to issue or
cause to he issued to the Ell Paso
Ritulithic Company. or its assigns,
in the name of the City. assignahle
certificates declaring such liability,
accurately describing the property
covered by each assessment and
naming the owner of said property,
The said assignable certificates
shall be payable in ten equal in
siallmcnts, the first being due and
payable one year after this ordi-
nance becomes effective, and ons
being due and payable each year
thereafter until all of said In
.stallmcnts are fully paid. The said
certificates shall bear Interest at
the rate of six (6) per centum per
.annum, payable on the first day OF
May and on the first day of No
vemher, in each year Said as
slgnahlc certificates shall he signed
by the chairman of the city com
mission and cX-OffiCio mayor OF
the City of Albuquerque, counter
signed by the City Treasurer, and
sealed with the seal of the city and
attested by the City Clerk, and
shall be in the form prescribed by
the ordinances of said City here
tofore adopted for the street inn
provements heretofore completed
and accepted.
Section s: The said assignabIe
certificates shall he delivered to
the Ell Paso Ritulithic Company. or
its assigns, in accordance with Its
contract with the City and the pro-
ccedinEs of the City Commission
heretofore or hereafter adopted.
The said Eel paSo Bitulithic Com
pany, or its assigns, shall have the
right ana privilege of exchanging
lN., & 4 II
Paving bonds In convenient dunom-
nations to be issued by the City
pursuant to Ordinance No. 46,
adopted and approved ny the City
Commission on the 18th day of No
vember, 1919, Upon such cN-
change, 1t shall be the duty of tho
city Treasurer to retain possession
of the said aSSiEnable certificates.
tn receive and dishurse all paw
ments made, to endorse on each
certificate the amounts paid there
on, both principal and interest
and to release and discharge the
lien and liability upon payment of
the full amount due, as aforesaid,
all in accordance with the ordi-
nnnccs of the City and any other
provisions that have been or may
be required by the City Commits
sion.
Section Z: All ordinances or
resolutions, or parts thereof. in
conflict with the provisions of this
ordinance, are hereby repealed.
After said assignahle certificates
are issued, this ordinance shall he
and remain irrepealable until said
certificates and the interest there
on shall be fully paid satisfied and
discharged as herein provided.
Section s: This ordinance Is
hereby declared to be an emergen-
cy measure on the ground of ur-
gent public need, and therefore inn
mediatcly upon its final passage
shall be recorded in the book of
ordinances OF said City kept for that
purpose, authenticated by the sig
natures of the Chairman of the City
Commission and Ex- officio Mayor,
and the City Clerk, shall be pub
IiShed in the Albuquerque Morning
Journal, the official newspaper of
said City, and shall be in full force
and effect five 60 days after such
publication.
Passed, adopted, signed and ap-
proved this 18th day of August,
1920.
]. r. MCLAUGHLIN,
Acting Chairman, City Commission.
and EX-offiCiO Mayor, city OF
Albuquerque New Mexico
Attest: ADDIE w. McAVOY.
(SealD City Clerk.