Albuquerque morning journal., 1922-12-01

querque be and it is hereby author
lzed and empowered 10 receive, col
! lect and enforce the payment o.
Iall the assessments made for the
said improvements and all 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 assignablc
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
thereof and the interest thereon
to any person or persons lawfully
entitled thereto.
Sec. 8. That the treasurer of
the city of Albuquerque be and he
IS hereby authorized and empower
ed, and it shall be his duty to re-
ceive 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 hereto
fore specified, aud to pay and dis
burse such payments to the person
or persons lawfully entitled to re-
ceiVe 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 pavi0o bonds herein
after mentioned. and for no other
purpose whatsoever.
Sec. 4. That il the owner Of any
parcel Of land assessed for the said
improvements shall be delinquent
In the payment of any assessment,
installment or interest due, 1t shah
be the duty of the city treasurer to
notify such owner in writing that
such delinquency exists, and that,
IL the amount due is not paid with
In thirty days after the date Of
said notice, the matter will be re-
ferred to the city attorney for col
lection and foreclosure.
Sec. 5. If the payment or pay
ments due as specified in the next
preceding section is or are not paid
within the state time it shall be
the duty of the city treasurer TO
refer the matter to the city attor-
ney, whose immediate duty is shall
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 provided by law.
Sec. 6, If any property shall be
offered for sale 70 the nonpay-
ment of al assessment, INSTALL
ment thereof or interest thereon.
and no persons shall bid for said
property, then the city OF Albu-
querque shall have the power, and
1t shall be its duty. to bid for said
property and to take and receive
in its corporate name any certlfi-
Gates or deeds to the said property,
and to sell or dispose of said prop
erty for the benefit of the owner
or owners of the paving bonds
hereinafter specified.
Sec. Z. That the city of Albu-
quorque be, and it is hereby, au-
thorized and empowered to issue in
the name of the city, paving bonds
payable on or before eleven years
from the cate thereof, the princi-
pal and interest of which shall be
paid solely and exclusively from
the revenues derived from the as
sessments made for the improve
ments herein specified, The said
paving bonds shall bear interest at
the rate of Z per centum per an
mum, payable semi-annually, and
shall be In the denomination Of
five hundred dollars each, and the
principal thereof and the interest
thereon shall be payable in lawful
money of the United States Of
America. with New York exchange.
at the office Of the city treasurer,
Said bonds shall be signed by the
chairman of the City Commission
and ex-officio mayor of the City OF
Albuquerque, shall be counter
signed by the city treasurer. sealed
with the seal Of the city and at
tested by the city clerk. The said
bonds shall have attached thereto
twenty-five coupons evidencing the
semi-annual in terest 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.
Sec. s. TIE said paving bonds
and the coupons to be attached
thereto, shall be in substantially
the following form. to-wit
UNITED STATES OF AMERICA
STATE OF NEW MEXICO
COUNTY OF BERNALILLO
CITY OF ALBUQUERQUE
PAVING BOND
No. - $4,000
The City of Albuquerque. in the
County of Bernalillo and State Of
New Mexico. for value received.
promises to pay to the bear
er hereof, the sum OF five hun
dred dollars. on the first day of
June A. D. 1888, with interest
thereon from date until payment at
the rate of per centum per an
mum, payable semi-annually on the
first days of June and December
in each year; both principal and
interest being payable in lawful
money of the United States of
with New York exchange,
at the office of the city treasurer,
upon presentation and surrender of
this bond. or of the annexed cou-
pons, as they severally become due.
The said city reserves the option
to redeem this bond at any time
before maturity, by paying there
for it's par value and accrued in
terest.
This bond is issued In exchange
for a like amount of asslgnable
representing the cost of
paving and improving certain
streets and alleys in said city, in
full conformity with the constitu-
ton and laws Of the State OF New
Mexico and the ordinances and
of said citv duly adopt
ed and approved prior to the issue
hereof.
This bond is payable solely out of
a special fund designated the AL
paving fund. containing
the receipts derived by the city
from special assessments levied to
pay for said improvements. And it
Is hereby certified nnd reCited that