Section 42. Appropriations lapse after one year.

   All appropriations shall lapse at the end of the budget year to the extent that they shall not have been expended or lawfully encumbered. Any unexpended and unencumbered funds shall be considered a surplus at the end of the budget year. Any expenditure of such surplus or unbudgeted funds in a subsequent year shall be by amendment to the budget to be adopted in the form of an ordinance.

Section 43. Checks.

   All checks issued in payment of salaries or other municipal obligations shall be issued and signed by those designated by the Mayor. All checks shall require two signatures.

Section 44. Taxable property.

   All real property and all personal property within the corporate limits of the town, or personal property which may have a situs there by reason of the residence of the owner therein, shall be subject to taxation for the municipal purposes, and the assessment used shall be the same as that for State and County taxes.

Section 45. Budget authorizes levy.

   From the effective date of the budget, the amount stated therein as the amount to be raised by the property tax shall constitute a determination of the amount of the tax levy in the corresponding tax year.

Section 46. Notice of tax levy.

   Immediately after the levy is made by the Council in each year, notice shall be given of the making of the levy by posting a notice thereof in some public place or places in the Town. A bill of account of the taxes due shall be made out and mailed or delivered in person to each taxpayer or his agent at his last known address. This bill of account shall contain a statement of the amount of real and personal property with which the taxpayer is assessed, the rate of taxation, the amount of taxes due, and the date on which the taxes will bear interest. Failure to give or receive any notice required by this section shall not relieve any taxpayer of the responsibility to pay on the dates established by this charter all taxes levied on his property.

Section 47. When taxes are overdue.

   The taxes provided for in Section 45 of this charter shall be due and payable on the first day of July in the year for which they are levied and shall be overdue and in arrears on the first day of the following October. They shall bear interest as set by the Mayor and Council as part of the budget ordinance for each month or fraction of a month until paid.

Section 48. Sale of tax–delinquent property.

   A list of all property on which the town taxes have not been paid and which are in arrears as provided by Section 47 of this charter shall be turned over to the official of the county responsible for the sale of tax-delinquent property as provided in State law. All property listed thereon shall if necessary be sold for taxes by this county official, in the manner prescribed by the State law.