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Section 250.299 applies to this Subdivision.
(Added by Ord. 225-81, App. 5/5/81)
Upon the expiration of one year following the sale to the State by operation of law of any property for the nonpayment of an installment of the principal or interest of an assessment levied pursuant to this Subdivision, the Tax Collector shall make to the State a deed to such property. Unless said property has been redeemed, the City shall forthwith cause said property to be sold as provided in Subdivision 3 of Subarticle VI.
(Added by Ord. 225-81, App. 5/5/81)
In the event the holder of any matured bond or coupon issued pursuant to this Subdivision shall make written demand upon the Board therefor, the Board shall bring and expeditiously prosecute to public sale an action to foreclose the lien of an assessment installment on any parcel of real property which has been delinquent for a period of three months.
(Added by Ord. 225-81, App. 5/5/81)
The holder of a matured bond or coupon may bring and prosecute to sale, in his name, the action to foreclose the lien of such assessment installment on any delinquent parcel of land, naming the City as a defendant therein. In such event such holder shall have all of the rights provided for foreclosure and sale by the City.
(Added by Ord. 225-81, App. 5/5/81)
When property is sold by a court for nonpayment of principal or interest installments of an assessment levied in an assessment proceeding heretofore or hereafter taken, it shall be sold to the bidder who offers the highest price for the entire property to be sold, but not less than the amount due on the bond, together with accrued interest penalties and other costs hereby provided to be charged. The purchaser shall take the property subject to all installments of the assessment which are not included in the sale.
(Added by Ord. 225-81, App. 5/5/81)
A purchaser of property upon foreclosure by the Board or by a bondholder, for the nonpayment of any installment of principal, interest, penalties, fees and charges of any such assessment, supplemental assessment or re-assessment, may pay for said property with, or apply on account of the purchase price thereof, matured coupons or the matured portions of a coupon to the date of its use, and matured and unmatured bonds of such issue, the delinquent assessments for which the property is sold.
(Added by Ord. 225-81, App. 5/5/81)
The sheriff, commissioners or other person conducting any such sale is hereby authorized, for and on behalf of the owner, his successors and assigns, and any other person having an interest in the property, regardless of how such interest was acquired, to tender bonds and coupons of the issue for which such sale is held, in payment of the purchase price of property sold, or in redemption of said property, in satisfaction of the lien of delinquent installments or of unpaid assessments, and the penalties, interest fees and other charges.
(Added by Ord. 225-81, App. 5/5/81)
To the extent that a bondholder purchases property at a sale and pays for it in cash, the monies received by the City shall be used and applied in payment of bonds of the issue and the interest due, owned by the purchaser, first to interest, second to the principal of matured bonds, and third to the principal of unmatured bonds.
(Added by Ord. 225-81, App. 5/5/81)
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