(Amended by Ordinance No. 189413, effective March 6, 2019.)
A. The City Treasurer shall prepare rules governing the conduct of the sale. The rules shall be available at least 60 days prior to the sale.
B. Each piece of property shall be sold separately . The sales price shall be the amount owing on the principle, interest, penalties, collections costs and sales.
C. The interest charged during the redemption period shall be set by ordinance. The interest rate shall be set at a level which attracts bidders, but shall be equal to or greater than the interest rate established for the Sewer Safety Net loans.
D. The penalty charged during the redemption period shall be set by ordinance. It shall be set at a rate to encourage payment by delinquent property owners.
E. In situations where there are two or more bids, the successful bidder shall be determined by lot.
F. Property which is not sold may again be offered for sale. The steps in City Code 5.31.050 D. through City Code 5.31.105 shall be followed.
G. In the event there is more than one bidder and the successful bidder fails to pay, the property shall be sold to the other bidder or in the event there were more than two bidders, the successful bidder shall be determined by lot.