Albuquerque morning journal., 1922-12-01


nance becomes effective. without
demand; rroyided, however, that
all such assessments may, at tho
election OF the owner, be paid in
installments, with interest as here
matter provided. Failure to pay
the whole assessment within said
period of thirty CS0) days shall be
conclusively considered. and held
an election on the part of all per-
sons interested, whether under dis
ability or otherwise. to pay such
installments. In case Of such elec-
tion to pay in installments, the as
Dsessments shall be payable at the
office of the city treasurer in ten
(10) equal installments OF prlnCi-
pal, the first of which installment5
of principal shall be due and pay
able one G) year after this ordi-
nance becomes effective, tO-wit, on
or before the sixth day of Decem-
ber. 1923. and the "omainder Of
said iustallments shall be due ana
payable successfully on the same
day in each year thereafter until
paid in fun, with interest in all
cases on the unpaid principal Of
each Of said installments' until the
maturity thereof, at the rate Of 7
per centum per annum. payable
somi-annually, the first payment OF
interest being due and payable ON
the first day OF June, 1923. and the
remaining payments of interest be-
ing due and payable annually
therefter until fully paid except
the last payment Of the last IN
stallment of principal all payments
to be made at the office of the city
treasurer. Failure to pay any in
stallment whether Of principal or
interest, when due, shall cause the
whole Of the unpaid principal 10
become due and payable immedi-
ately and the whole mount of tine
unpaid principal and accrued in
terest thereafter shall draw inter-
est at the rate of | per centum per
month or fraction Of a month. un-
til the day Of sale. but at any time
prior to the day of sale the owner
may pay the amount of unpaid in
stallments with interest at l per
centum ra~ month or fraction. and
all the penalties accrued, and shall
thereupon be restored to the right
thereafter to pay in installments IN
the same manner as If default had
not been suffered. The owner OF
any property not In default as to
any payment or installment. may
at any time, pay the whole OF the
unpaid principal with interest ac-
cruing to the maturity of the next
installment of interest or principal
Payments of the whole assessment
may be made to the city treasurer
at any time within thirty 600 days
after this ordinance becomes ef-
fective ana allowance Of 5 per
centum will be made on all pay
ments during the said thirty-day
period only.
Sec. 4. The amounts assessed as
shall be n lien upon said
lots and parcels OF land, and a
personal liability of the owner or
owners thereof. from the time Of
such assessments. IL shall be the
duty OF the city clerk within thirty
800 days hereafter to make. sign,
attest with the seal Of the city. ana
file a claim or lien for the amount
due and assessed against each lot
and parcel OF land in the office u
the county clerk Of Bernalillo
county, and all purchasers, mortga-
gees and membranes to said lots
and parcels of land shall take the
same subject to such lien, and such
lien. when delinquent. shall have
the effect of a mortgage, and may
be foreelosed in the manner now
provided by statute or to be here
after 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 fun, it
shall be the duty of the said city
clerk to release and discharge the
said lien and liability.
Sec. 3. To evidence the liability
of the said owners. and their prop
erty, for payment of the assess
ments herein specified, the City
shall have power. ana
it shall be its duty, to issue or
cause to be issued TO the New Mex
leo Construction Company, Inc, or
its assigns, the name OF the city.
assignable certificates declaring
such liability, accurately describing
the property covered by each as
sessment and aiming the owner ot
said property. The said assignable
certificates shall be payable in ten
equal installments the first being
due and payable one year
after this ordinance becomes
and one Deing due
and payable each year there
after until all Of said installment
are fully naid. The said certifi-
Gates shall bear interest at the rate
OF 7 per cent per annum, payable
on the first day OF June and on tho
first day of December in each year.
Said assignable certificates shall be
signed by the mayor of said city.
and countersigned by the city
treasurer, sealed with the seal OF
the city and attested by the city
clerk, and shall be in the form pre-
scribed by the ordinances Of said
city heretofore adopted for the
street improvements heretofore
completed and accepted.
Sec. 6. The said assignable GER
tificates shall be delivered to the
New Mexico Construction Com
pany, Inc, or its assigns, in accord
anee with its contract with the city
and the proceedings Of the City
COMMISSION neFetOLOEe OI HSII~
after adopted. The said New Mex
leo Construction Company, Inc. or
its assigns. shall have the right and
privilege Of exchanging said as
signable certificates for paving
bonds in convenient denominations,
to be issued by the city pursuant to
Ordinance No. 1873 adopted and ap-
proved by the City Commission on
the twenty day Of Novem-
Der 4. D. 1872. Upon such eX-
change, 1t shall be the duty Of the
city treasurer to retain possession
of the said assiguable certificates,
to receive and disburse all pay
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 ordinances
of the city and any other provisions
that have been or may be required
by the City Commission.
Sec. 7. All ordinances or resolu-