US Laws, Codes, Statutes & Cases

 
    §  11-428  Disposition  of proceeds of sales of properties acquired by
  city through tax enforcement foreclosure proceedings.  The  proceeds  of
  the  sale  of real property acquired through tax enforcement foreclosure
  proceedings, or by deed in lieu thereof, including  subsequent  receipts
  in  diminution of purchase money mortgages accepted at the time of sale,
  shall be applied as follows:
    a. The amount of the unpaid real estate  taxes  accrued  against  such
  property  from  the  first  day  of  January  or  the first day of July,
  whichever first immediately precedes the date on which title  vested  in
  the  city  to  the  date  of  conveyance  of  title by the city, without
  interest or penalties thereon, shall be credited to the  tax  deficiency
  account.
    b.  The  balance,  if  any,  remaining  after  deduction of the amount
  specified  in  paragraph  a  hereof,  shall  be  paid  into  the   funds
  hereinafter specified in the following order:
    1.  A  sum  equal  to  the  amount of the unpaid assessments for local
  improvements accrued against such property at the date  of  commencement
  of  the foreclosure proceeding and up to the date of conveyance of title
  by the city, without interest or penalties thereon, shall be  paid  into
  the appropriate assessment funds.
    2. A sum equal to the amount of unpaid sewer rents, including interest
  and  penalties  thereon,  accrued  against  such property at the date of
  commencement of the foreclosure  proceedings  and  up  to  the  date  of
  conveyance of title by the city shall be paid into the sewer fund.
    3.  The amount of the brokerage fee and other expenses expended by the
  city in connection with such sale shall be paid into the fund or code to
  which such fee was charged.
    4. The balance of such proceeds, if  any,  and  the  interest  on  any
  purchase  money  mortgage  accepted by the city at the time of such sale
  shall be paid into the general fund. In the event that any part of  such
  balance  is represented by bonds and mortgages, such bonds and mortgages
  may be deposited in the tax appropriation and general fund stabilization
  reserve fund and a sum equal to the amount of the  cash  represented  by
  such bonds and mortgages shall in such event be transferred from the tax
  appropriation and general fund stabilization reserve fund to the general
  fund.