§ 26-7.3. Purchase and Sale of Delinquent Property.

a.

The City may bid and purchase any real or personal property offered for sale for the nonpayment of any improvement assessment levied and assessed under any of the provisions of this part, or of any installment thereof, or penalties or costs or interests thereon, or any suit brought to foreclose such assessment.

b.

Whenever any property shall have been acquired by the City at any such sale, then such property, or any lien thereon or interest therein created by such assessment, may be released, assigned, sold or otherwise disposed of by City as it shall determine; provided, however, that no such release, assignment, sale, or other disposition of any such lien or interest, or of any such property, shall be made unless there shall be first paid to City a sum of money equal to, and not less than the amount paid therefor by City, together with all accrued penalties, costs, interest, and necessary expenses incurred; provided, further, that if any lien or interest, or property, cannot, as determined by Council, be sold for the amounts or charges computed as herein provided, then the Council may by four-fifths ( 4/5 ) vote, of all its members, sell any such lien or interest or property for the best price obtainable according to its judgment.

(Ord. No. 941 N.S.)