The proceeds of the sale of property by the municipality pursuant to a foreclosure sale on a municipal lien under the provisions of NMSA § 3-36-6 shall be applied as follows:
(A) First, to the payment of costs in giving notice of the sale and of conducting the sale;
(B) Second, to the indebtedness claimed under the lien and thence to ad valorem taxes and other special assessments have a lien of the property which are coequal with the lien for ad valorem taxes; and
(C) Third, after all the cost, liens, assessments and taxes are paid, to the former owner, mortgage holder or other parties having an interest in the tract or parcel, upon the person providing satisfactory proof to the court of the interest and upon approval of the court.
(Ord. 70, passed 6-2-2004)