Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1920-08-14

ments of such and the interest
| thereon have been paid in full, it
shall be the duty of the city clerk
to release and discharge the said
lien and liability.
Section 5: TO evidence the liza
bility of the said owners and their
property, for payment of the as
sessments here specified the City
Commission shall have power, AMI
it shall be its duty, to issue or
cause to be issued to the Ell Paso
Ritulithic Company, or its assigns.
in the name of the City, assignabls
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
lstallments, the first being due and
payable one year after this ordi-
nance becomes effective, and one
being due and payable eacn year
thereafter until Y all of said IN
stallments are fully paid. The said
certificates shall bear interest at
the rate of six Co 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 the 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, and
shall be in the form prescribed by
the ordinances of said City here
tofore adopted for the street i'm
provements heretofore completed
and accepted.
Section 6: The said assignable
certificates shall be delivered TO
the Ell 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 Ell Paso Bltulithic Com
pany, or its assigns, shall have the
right and privilege of exchanging
the said assignable certificates for
paving bonds in convenient drnom-
nations to be issued by the City
pursuant to Ordinance No 46,
adopted and approved by the City
Commission on the 18th day of No
vember, 1919. Upon such ex-
change, 1t shall be the duty of the
City Treasurer to retain possession
of the said assignable certificates,
to receive and dishilrse 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-
nance 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 assignable certificates
are issued, this ordinance shall be
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 i'm
mediately upon its final passage,
shall be recorded in the book 3r
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 newxpaper of
said City, and shall be inzfull force
and effect five (5) days afterAsueh
publication. ISL Z
Passed. adopted, signed and ap-
proved this 18th, day Of August,
1920. T.
J. T. MCLAUGHLIN,
Acting Chairman, City Commission.
/. and Ex-officio Mayor.
Attest: ADDIE w. McAVOY,
(Seal) City Clerk.