A. All monies derived from the assignment of delinquent certificates, redemptions, sale of property under foreclosure for delinquent local improvement assessments or from the rent or sale of property, title to which has been obtained by the city pursuant to sections 50-3001 to 50-3009 of the Idaho Code, and the terms of this chapter, and all other laws amendatory thereof and supplemental thereto, shall be paid into the local improvement guarantee fund, and all delinquency certificates issued and any such property acquired shall be held by the city for the benefit of such guarantee fund.
B. Money from the guarantee fund may be used to redeem property subject to local improvement assessments from general tax delinquencies underlying bonds or warrants guaranteed by the fund, or to purchase such property at county tax sales or otherwise, from the county for the purpose of protecting the guarantee fund.
C. After so acquiring title to real property, the city may lease or sell and convey the same for such price and on such terms as may be determined by the mayor and city council, and any provisions of law, charter or ordinance to the contrary notwithstanding, and all proceeds resulting therefrom shall belong to and be paid into the guarantee fund; provided, however, that in the event the city purchases such property at tax sale, or otherwise, it shall not be sold for a lesser sum than the city paid therefor. (Prior code §12-6)