Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1922-09-21

take the same subject to such
lien, and such lien, when de-
linquent, shall have the eff
feet of n mortgage. and may
be foreclosed in the manner now
provided, for the foreclosure of .
mortgages on real estate. When .
said assessments and the install
ments thereof and the interest I
thereon have been paid in full. it ,
shall be the duty of the said City |
Clerk to release and discharge the
said lien and liability.
Sec. 5. To evidence the liability |
Of the said owners, and their prop |
erty, for payment of the assess
ments herein specified. the City
Commission shall have power. and
it shall be its duty, to issue or cause
to be issued to the New Mexico
Construction Company, or its as
signs, in the name of the city, as
signable certificates declaring such
! liability, accurately describing the
/ property covered by each assess
ment and naming the owner of said
property The said assignable GER
| tificates shall be payable in ten
equal installments, the first being
due and payable one year after TINS
ordinance becomes effective. and
one 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 seven CD per cent per
annum, payable on the first day of
! November and on the first day of
May in each year. Said assignable
certificates shall be signed by the
Mayor of said city. and counter
signed by the CITY Treasurer. seal
ed 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 hereto
fore adopted for the street i'm
provements heretofore completed
and accepted
Sec. 6. The said assignable GER
tificates shall be delivered to the
New Mexico Construction Com
pany, or its assigns. in accordance
with its contract with the city and
the proceedings of the City Com
mission heretofore or hereafter
adopted. The said New Mexico
Construction company. or Its as
signs. shall have the right and
privilege of exchanging said assign
able certificates for paving bonds
in convenient denominations, to be
issued by the city pursuant to Ordi-
nance No. 129. adopted and ap-
proved by the City Commission on
the nineteenth day of September,
A. y. 1922. Upon such exchange,
it shall be the duty Of the City
nv 20 IF
the said assignable certificates. to
receive and disburse all payments
made, to endorse on each certitl-
cate the amounts paid thereon
both principle and interest. and to
release and discharge the lien and
liability upon payment Of the full
amount due, as aforesaid. all in ac-
cordance 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-
tons, or parts thereof, in conflict
with the provisions of this ordi-
nance, are hereby repealed. After
said assignable certificates are Is
sued, this ordinance shall he and
remain irrepcalablc until said GER
tificates and the interest thereon
shall be fully paid, satisfied and
discharged as herein provided.
Sec. s. This ordinance is hereby
declared to be an emergency meas
ure on the ground of urgent pub
lie need. and therefore Immediately
upon its final passage, shall be re-
corded in the book of ordinances of
said city kept for that purpose,
authenticated by the signatures of
, the Chairman of the City Commits
sion and ex-Officio Mayor. and the
= City Clerk. shall be published in
Albuquerque Morning Journal. the
= official newspaper of said city, and
shall be in full force and effect five
(5l days after such publication.
Passed. adopted. signed and APP
proved this nineteenth day Of Sep
tember. 1922.
/, (SeaD VIM. r. WALTON.
, chairman. City Commission and
Ex-Officio Mayor.
c. | Attest: