§ 231.

BONDS AND COUPONS – RECORDATION

Forms of such bond shall be furnished by the Department of Public Works and thereto shall be attached appropriate coupons for the payment of the installments of principal and the interest on such bond. Such coupons respectively shall be payable to bearer at the office of the Treasurer of said City and County 30 days after the respective dates for payment of principal installments and interest by those who have executed the bond to which the coupons shall be attached.

a.

Preparation and Recordation. Said Director of Public Works shall cause said bonds and coupons to be fully prepared for execution and shall supervise the execution thereof by the proper parties as hereinbefore provided for. When such bonds and attached coupons have been fully prepared and executed in the manner hereinbefore provided for and delivered to the Department of Public Works, one of said triplicates shall be recorded in the office of the Recorder of said City and County, who shall make no charge therefor; after recordation, said triplicate shall be retained in the office of said Department of Public Works; another of said triplicates shall be delivered to the contractor named therein and the other shall be delivered to the Treasurer of said City and County.

b.

Record of Payments. Said Director shall cause to be kept a record of all payments received by him on said bonds and the coupons attached thereto and of all penalties accruing thereon, and upon delivering such moneys to the Treasurer said Director shall report to the Treasurer the particular bonds and coupons and penalties to be credited with such payments, so that the Treasurer will know exactly on which bonds and coupons disbursements by him of such moneys shall be made.

Said Director shall also cause all such payments to be entered in an appropriate book of record in his office to the credit of the appropriate bond and assessment. And every such assessment shall remain a first lien upon the property affected until said assessment and the bond based thereon, and the accrued interest thereon and the penalties, if any, thereon shall be fully paid according to the terms of said bond.

c.

Execution of Bonds Evidence of Regularity. Said bonds, by their execution, shall be conclusive evidence of the regularity of all proceedings theretofore had under this Article.

d.

Certificate of Sale. Said Director is hereby authorized to make any sale authorized by any such bond and shall issue for each sale an original and duplicate certificate of sale in appropriate form, referring to this Article, describing the parcel or parcels of land sold and containing the name of the Purchaser. The original shall be delivered to the Purchaser and the duplicate shall be kept on file and record in the office of said Director.

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