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as a deed, and if so recorded within two years after the tax be. came a lien on the property, the recording of such certificate shall have the same effect as the recording of a deed, to give the certifi. cate priority over every interest therein or lien thereon acquired subsequent to the lien of the tax; but, unless such certificate is recorded within such time, it shall be void as to such other interest or lien.
§ 122. Purchaser entitled to possession.–Upon the receipt and recording of such certificate, the purchaser or other owner of the certificate shall be entitled to immediate possession and enjoyment of such real property as against all persons having any title to, interest in, or lien upon the property at the time the tax became a lien thereon, and against all persons deriving any title to, interest in, or lien upon, such property, while the tax was a lien thereon, and to retain possession thereof during the existence of the estate purchased, unless such real property is redeemed from such sale.
§ 123. Enforcement of right to possession.—The purchaser or other owner of the certificate may enforce his right to possession by summary proceedings, in the same manner as a landlord against a tenant holding over after expiration of term. The purchaser or other owner of the certificate may, before the expiration of the estate purchased, remove all buildings and fixtures which he has erected or placed thereon during its existence, which can be removed without permanent injury to the premises.
§ 124. Village may bid in property ; rights of village. If there be no other bidder, the treasurer shall bid in the property for the village for the term of fifty years, and a certificate thereof shall be issued accordingly. Thereupon the village has all the rights of a purchaser for such term. Immediately upon the purchase of such property by the village, the president shall take possession thereof and hold, manage, lease or otherwise control the same. He may, in the name of the village, institute and maintain summary proceedings to obtain possession of such property in the same manner as upon the sale of real property upon execution. The treasurer shall open an account with such property, and shall charge to the same the amount of taxes, fees, interest and expenses of the sale, and shall also add all sums subsequently levied upon the property by tax or local assessment and remaining unpaid. The president shall pay to the treasurer during each fiscal year the net amount received from such property, which
amount shall be credited in the account. Upon payment to the treasurer of the amount of the taxes or assessments charged against such property, together with the interest at the rate of ten per centum per annum from the time of the sale or the return of a subsequent unpaid tax or assessment, after deducting any credits appearing in the account, the president shall on demand execute and deliver to the person making such payment, as assignment of the certificate of sale, or a satisfaction thereof, as may be required. Whenever the amount received from the use of such property equals the taxes, assessments, expenses and interest then due, the right of the village in such property shall cease and determine, and the president shall thereupon execute and deliver to the owner of the property a release and satisfaction of the interest of the village therein. If upon the execution of an assignment of the certificate, or of a release or satisfaction, a surplus derived from such property remains in the treasury, it shall be paid upon the order of the board of trustees to the person entitled thereto, on demand.
$ 125. Redemption from sale by owner.-A person who at the time of the sale was the owner of the property, or of a vested interest therein, or a lessee thereof, or his assigns, may redeem from the sale, either by paying to the owner of the certificate of sale other than the village, or by depositing with the treasurer for his benefit, the amount paid by the purchaser on such sale, with interest thereon at the rate of ten per centum per annum from the time of the sale to the time of deposit, and the fees lawfully paid to each county clerk for recording the certificate or any assignment thereof in any county in which the property or any part thereof is situated. If such payment be made to the owner of the certificate he shall thereupon execute and deliver to such person making the payment a written cancellation or receipt of the certificate of sale duly acknowledged in the same manner as a deed to be recorded, and specifying the date of the sale, the amount paid thereon, the purchaser thereat, and the property sold. If such payment be made to the treasurer, he shall deliver to the person making it, a written receipt acknowledged in like manner and containing the like specifications. The recording of such cancellation or receipt in each clerk's office of the county in which any part of such property is situated shall effect a cancellation of such certificate of sale.
$ 126. Actions to recover unpaid taxes.—After the lapse of thirty days from the return of the collector, an action may be
maintained, as upon contract, by the village, to recover the amount of an unpaid tax, together with five per centum thereof, and interest from the time of such return at the rate of ten per centum per annum. A judgment in such action for any amount, when docketed in the office of the county clerk, shall be a lien upon the real property of the defendant. Supplementary proceedings may also be taken for such tax in accordance with the provisions of the tax law.
$ 127. Investment of sinking funds.—If at any time the receipts of the water or light department exceed the amount needed for current expenses, and the payment of principal or interest due or to become due during the next fiscal year, the surplus may be transferred to a fund to be known as the sinking fund of the de. partment, and to be used in the payment of outstanding obliga. tions, or for future expenses of the department if the rents or other incomes be insufficent for that purpose. A village sinking fund may be invested in
1. The bonds of the United States, the state of New York, or any city of this state, or the bonds, certificates or other obligations is. sued by the village for the payment of such indebtedness, which may be purchased at any time from such sinking fund at prices not exceeding the par value, and when so purchased the same shall be immediately canceled ; or,
2. Mortgages on improved land owned by the borrower in a county in which such village or a part thereof is located; but before such a mortgage is accepted the board of trustees must be satisfied that the borrower has a title in fee to such lands, and that the same are free and clear of all incumbrances and are worth twice the amount of the sum loaned, exclusive of buildings.
$ 128. Borrowing money generally.-If authorized by an election, money may be borrowed by a village upon its bonds or other obligations, payable in future fiscal years for the purpose of pur. chasing, constructing and maintaining the following village im. provements :
1. A village or town hall. 2. Fire engines and fire alarm system. 3. Laying out, grading or paving streets. 4. Sidewalks. 5. Bridges. 6. Water works. 7. Lighting system.
8. Sewerage. 9. Parks. 10. Cemeteries.
Money may be borrowed in anticipation of taxes already levied for the current fiscal year, but not in excess thereof, and it must be payable within such year. No contract shall be made involving an expenditure by the village, unless the money therefor is on hand, or a proposition has been adopted authorizing the board of trustees to raise such money. If a final judgment against a village exceeds one thousand dollars, money may be borrowed for the payment thereof on the adoption of a proposition therefor at a village election, and bonds or other obligations of the village may be issued for that purpose, payable in installments or otherwise, as prescribed in section one hundred and twenty-nine of this chapter. (As amended by chap. 373 of 1900.)
$ 129. Bonds or other obligations.- Bonds or other obligations of the village shall be signed by the president and treasurer, and attested by the clerk under the corporate seal. They shall become due within thirty years from the date of issue, and, unless the whole amount of the indebtedness represented thereby is to be paid within five years from their date, they shall be so issued as to provide for the payment of the indebtedness in equal annual installments, the first of which shall be payable not more than five years from their date. They shall bear interest at a rate not exceeding five per centum per annum, and shall be negotiated for not less than their par value. They shall be sold on sealed proposals or at public auction upon notice published in the official paper, if any, and also in each other newspaper actually printed in the village, and in such other newspapers as the board of trustees may determine, and posted in three public places in the village, at least ten days before the sale, to the person who will take them at the lowest rate of interest. They shall be consecutively numbered from one to the highest number issued, and the clerk shall keep a record of the number of each bond or obligation, its date, amount, rate of interest, when and where payable, and the purchaser thereof or the person to whom they are issued.
$ 130. Limitation of indebtedness.- A village shall not incur indebtedness if thereby its total contract indebtedness, exclusive of liabilities for which taxes have already been levied, shall, in addition to obligations issued to provide for the supply of water, exceed ten per centum of the assessed valuation of the real property of such village, subject to taxation, as it appeared on the last preceding village assessment-roll.
$ 131 Second election upon proposition to raise money.- If the vote at an election upon a proposition to purchase property or to raise a tax or to incur a debt shall be against such proposi
tion, no proposition embracing the same object shall be again submitted before the next annual election thereafter.
$ 132. Exemption from taxation of firemen and fire companies.-Upon the adoption of a proposition therefor, the members of any fire, hose, protective or hook and ladder company in any village may be exempted from taxation to the amount of five hundred dollars on any assessment for village purposes, in addi. tion to the exemptions otherwise allowed by law, and the real and personal property of any such company may also be exempted from like village taxation.
§ 133. Absolute sales for non-payment of taxes in villages of the first class.—If in a village of the first class, a tax or assessment on real property included in an annual or special assessment roll under this chapter, or a tax or assessment which was a lien on real property, or unpaid when the village law took effect, remains unpaid, and the treasurer or collector has made return that he cannot collect the same, the board of trustees may, by resolution, determine that such real property and the entire interest therein, instead of an interest for a term of years, be sold for the collection of such tax or assessment. Such sale shall be for cash, and the notice of sale shall be given in the manner provided by section one hundred and twenty of this chapter, except that the board of trustees may designate one or more newspapers in the village, or in case no newspaper is published in said village, then in an adjoining city or village, in which the notice shall be pub. lished. The foregoing provisions of this article in relation to the conduct of a sale and the rights and remedies in respect to the real property sold shall not be applicable, but the village treasurer and board of trustees shall possess all the powers and be subject to all the liabilities and duties of a county treasurer and board of supervisors, under articles six and seven of the tax law; and such articles shall, so far as practicable, apply to a sale authorized by this section. (Added by chap. 446 of 1899.)
STREETS, SIDEWALKS AND PUBLIC GROUNDS.
SECTION 140. Definitions.
141. Separate highway district. 142. Care of bridges. 143. When village may construct or repair bridges.