At any such sale, the purchaser, for the purpose of making settlement or payments for property purchased, shall be entitled to turn in or apply toward the payment of the purchase price any of the bonds or other securities which are made payable out of the proceeds of the assessments for the collection of which such sale is made, together with any matured and unpaid coupons, and shall be entitled to be credited therefor to the extent of the par value of such bonds and coupons. Such bonds and coupons so applied in payment by the purchaser shall be deemed to be paid to the extent of the amount so turned in.
Source: L. 81: Entire part added, p. 1622, § 21, effective July 1.