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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)
At all sales herein referred to, bonds and coupons shall be taken and credited at the face amount thereof; provided, that sufficient cash or other legal tender is paid to take care of the expenses of the foreclosure proceedings and sale of the property, including a reasonable attorney's fee and court costs.
(Added by Ord. 225-81, App. 5/5/81)
SUBDIVISION 5
BOND PLAN D-AD VALOREM (LAND) BONDS
BOND PLAN D-AD VALOREM (LAND) BONDS
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