TITLE 50

MUNICIPAL CORPORATIONS

CHAPTER 17

LOCAL IMPROVEMENT DISTRICT CODE — GUARANTEE FUND

50-1752.  Sale of property after maturity of bonds. Within thirty (30) days after the maturity of the last instalment of any issue of bonds of a local improvement district, if any such bonds or interest coupons shall remain unpaid, any property remaining unsold, to which the municipality has taken title by reason of assessment of such improvement district, shall be appraised and immediately after said appraisement such property shall be offered for sale by giving notice of the time and place of sale thereof by publication of such notice in a newspaper published in the municipality for ten (10) consecutive issues if a daily paper, or in two (2) consecutive issues if a weekly paper, or if there be no newspaper published in such municipality then in a newspaper having general circulation therein, the date of sale to be not less than twenty (20) days from the date of the first publication of such notice. At the time and place designated in the notice the treasurer shall offer such property for sale to the highest bidder, but no sale shall be made for less than the appraised value. If no bid be received for a sum equal to or greater than the appraised value, then the sale may be postponed for not to exceed thirty (30) days, and shall be readvertised, and at the time to which such sale was postponed shall again be offered for sale and sold to the highest bidder. Upon the sale of any property and the payment therefor, a deed shall be executed to the purchaser in the same manner, as provided for the execution of deeds in section 50-1751.

History:

[50-1752, added 1967, ch. 429, sec. 338, p. 1249.]