(A)   In accordance with O.R.S. 221.727 and 221.725, the City Council, after public notice and hearing, does adopt the procedure set forth in division (C) below for the sale of individual lots acquired by the City of Rockaway Beach by deed in lieu of foreclosure or foreclosure undertaken pursuant to O.R.S. 223.505 et seq. for foreclosure of delinquent assessments under the Bancroft Bonding Act.
   (B)   This chapter amends Ord. 246 adopted April 14, 1987.
   (C)   Those individual lots more particularly described and set forth in Exhibit A attached hereto and incorporated herein by reference shall be sold in accordance with the procedure and program set forth and more particularly described in Appendix B attached hereto and incorporated herein by reference. Additional lots may be added to Appendix A by the City Council.
   (D)   To the extent required by O.R.S. 271.310, the City Council finds that there is no public need for the city to retain the individual lots and in fact, the public need is best served and furthered by the sale in accordance with the requirements of this chapter.
   (E)   All proceeds from the sale of the properties as shown on Exhibit A shall be receipted into the city's Bancroft Redemption Fund to pay principal and interest on the original Bancroft bonds and expenses associated with the foreclosure and holding cost of the properties.
(Prior Code, Ord. 258, passed 12-13-1988)