(a) If a parcel subject to a special tax is acquired by the city through a negotiated transaction or eminent domain proceeding, the conveyor shall pay the special tax out of the purchase price or eminent domain award in an amount sufficient to pay the bond principal and interest that would have been payable from the special tax on the parcel.
(b) If a parcel subject to a special tax is acquired by the city by foreclosure or gift or devise, the parcel shall be sold as soon as practicable, and either:
(1) The special tax shall be paid from the sales price in an amount equaling the bond principal and interest that would have been payable from the special tax on the parcel; or
(2) The purchaser of the parcel shall take title subject to the lien of the special tax and shall be required to pay the special taxes becoming due from and after the sale date.
(1990 Code, Ch. 34, Art. 3, § 34-3.11) (Added by Ord. 96-18)