50-1765. MAINTENANCE AND OPERATION AND SOURCES OF FUND. The council shall prescribe rules and regulations for the maintenance and operation of the guarantee fund not inconsistent herewith. After the creation of such fund, all money derived from the assignment of delinquency certificates, redemptions, sale of property under foreclosure for delinquent assessments, or from the rent or sale of property, title to which has been obtained by the municipality pursuant to this code, shall be paid into the "Local Improvement Guarantee Fund," and all delinquency certificates issued and such property acquired shall be held by the municipality for the benefit of such guarantee fund. Money from the guarantee fund may be used to redeem property subject to local improvement assessments from general tax delinquencies, underlying bonds or warrants guaranteed by the fund, or to purchase such property as [at] county tax sales or otherwise, from the county for the purpose of protecting the guarantee fund. After so acquiring title to real property, the municipality may lease or sell and convey the same for such price and on such terms as may be determined by the council, and any provision of law, charter or ordinance to the contrary notwithstanding, and all proceeds resulting therefrom shall belong to and be paid into the guarantee fund, provided, however, that in any event the municipality purchases such property at tax sale or otherwise it shall not be sold for a lesser sum than the city paid therefor.

History:

[50-1765, added 1967, ch. 429, sec. 350, p. 1249.]