City Code Section
- A. The City Treasurer shall prepare rules governing the conduct of the foreclosure sale. The rules shall be available at least 60 days prior to the foreclosure sale.
- B. Each property shall be sold separately for its respective sales price.
- C. Only bids in the amount of the sales price for a property are acceptable. If more than one bid equals or exceeds the sales price, the real property must be sold to the highest bidder.
- D. If the sum received for the sale of the property under this Section exceeds the lien principal amount, plus interest, penalties and the cost of conducting the sale, the City Treasurer shall apply the proceeds of the sale as follows:
- 1. To the costs of conducting the sale.
- 2. To the unpaid lien principal plus interest and penalties.
- 3. To any persons with recorded interest in the property, in order of their priority.
- 4. To the debtor or the debtor’s heirs or assigns.
- E. Property which is not sold may again be offered for sale. The steps in Sections 5.30.130 through 5.30.240 shall be followed.