Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-11-23

said improvements and al install
ments thereof and all interest
thereon, in the same manner and
at the same time or times as the
owner or owners of the assignable
certificates issued to pay the cost
of said improvements might re-
ceive, collect or enforce the said
payments, and to pay and disburse
such payments, the installments
and the interest thereon. to any
person or persons lawfully entitled
thereto.
Section 3. That the treasurer of
the City of Albuquerque be and he
Is hereby authorized and empow-
cred, and it shall be his duty to
receive and collect all assessments
levied to pay the costs of said i'm
provements, the installments there
Of, and the interest thereon, at the
times and in the manner heretofore
specified, and to pay and disburse
such payments to the person or
persons lawfully entitled to receive
the same, in accordance with the
laws of the State of New Mexico
and all ordinances and resolutions
of said city heretofore and hereby
adopted. All moneys received shall
be placed in a separate fund to be
designated Paving Fund" and
shall be used for the purpose of
paying the principal and the in
terest on the paving bonds herein
after mentioned, and for no other
purpose whatsoever.
Section 4. That If the owner of
any parcel of land assessed for the
said improvements shall be delin-
quent in the payment of any assess
ment. installment or interest due,
it shall be the duty Of the city
treasurer to notify such owner in
writing that such delinquency ex-
lists, and that. il the amount due IS
not paid within thirty days, after
the date of the said notice, the
matter will be referred to the city
attorney for collection and fore
closure.
Section s. If the payment or
payments due as specified in the
next preceding section is or are not
paid within the stated time. it shall
be the duty of the city treasurer to
refer the matter to the city attor-
new. whose Immediate duty 1t snail
be to enforce and collect the
amount due, together with all costs
and penalties, by foreclosure, or in
any manner which Is now or which
may be hereafter provided by law.
Section 6. If any properly shah
he offered for sale for the non-pay-
ment of any assessment, lnstaii-
ment thereof or interest thereon,
and no person or persons shall plo
for said property, then the City OF
Albudueruue shall have the power,
and it shall be its duty. to bid for
said property and to take and re-
ceive in it's corporate name any
certificates or deeds to the said
property, and to sell or dispose Of
said property. for the benef1t OF
the owner or owners OF the paving
bonds hereinafter specified.
Section Z. That the city OF Al-
huaueraue be and 1t Is hereby au-
thorized and empowered TO issue
in the name of the city, paving
bonds payable on or before eleven
vears from the date thereof, the
nrincipal and interest OF whlcn
Shall be paid solely and exclusively
from The revenues derived from
the assessments made for the inn
provem ents herein specified. me
said paving bonds shall bear inter
est at the rate of eight (Sl per
cent per annum. payable semi
annually and shall be in the de-
nomination of five hundred dollars
each, and the principal thereon and
tho interest thereon shall be paya-
bio in lawful money of the united
states of America, with New York
exchange, at the office or the city
treasurer. Said bonds shall be
signed by the chairman OF the CITY
commission and ex-officio mayor
of the City of Albuquerque, shail
be countersigned by the city treas
urer, sealed with the seal OF the
city and attested by the city clerk.
The said bonds shall have attached
thereto twenty coupons evidencing
the semi-annuaI interest thereon,
which coupons shall be signed by
the facsimile signature OF the city
treasurer, and when so executed
shall represent the semi-annual in
terest on the bonds to which they
are attached.
Section Q. The said paving bonds