Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-09-27

land shall take the same subject to
such lien, and such lien, when de-
linquent, shall have the effect of
a mortgage, and may be fore
closed in the manner now provided
by statute or as may be hereafter
provided for the foreclosure of
mortgages on real estate. When
said assessments and the INSTALL
ments thereof and the interest
thereon have been paid in full, It
shall be the duty of the city clerk
Ito release and discharge the said
lien and liability.
Section 5: To evidence the la
bility OF the said owners. and their
property, for payment OF the as-
sessments herein specified the City
Commission shall have power, and
1t shall be its duty. to issue or
cause to be issued to the Ell Paso
Bitulithic Company, or its assigns,
In the name of the City. -assignable
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
staliments. the first being due and
payable one year after this ordt-
nance becomes effective, and ous
being due and payable each year
thereafter until all of said in
stallments are fully paid. The said
certificates shall bear interest at
the rate of six CD per centum per
annum, payable on the first day Of
May and on the first day of No
vember, In each year. Said as
signable certificates shall be signed
by tho chairman Of the city com
mission and ex-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.
Section 6: The said assignable
certificates shall be delivered 10
the FL Paso Bitulithic Company, or
its assigns, In accordance with its
contract with the City and the pro.
ceedings of the City Commission
heretofore or hereafter adopted.
The said El Paso Bitulithic Com
pany, or its assigns, shall have the
right and privilege Of exchanging
paving bonds in convenient denom-
nations to be issued by the City
pursuant to Ordinance No. as,
adopted and approved by the City
Commission on the 18th day Of Mo-
vember 1919. Upon such ex-
change, 1t shall be the duty of the
City Treasurer to retain possession
of the said assignable certificates,
tn receive and disburse 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-
nances of the City and any other
provisions that have been or may
be required by the City Commits
sion.
Section 7: All ordinances or
resolutions, or parts thereof, In
conflict with the provisions OF this
ordinance, are hereby repealed.
After said assignable certificates
are ISSUED, this ordinance shall be
ind remain irrepealable until said
certificates and the interest there
on shall be fully paid. satisfied and
discharged as herein provided.
Section 8: This ordinance is
hereby declared to be an emergen-
cy measure on the ground Of ur-
gent public need, and therefore i'm
mediately upon its final passage.
shall be recorded In the book IF
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
lished in the Albuquerque Morning
Journal, the official newspaper Of
said City. and shall be in full force
and effect five {5) days after such
Passed. adopted. signed and APP
proved this cath day of September,
1920.
WALTER M. CONNELL,
Chairman, City Commission, and
Ex-offieio Mayor.
Attest: ApDIE w. McAvOY,
(SeaD City Clerk.