In the event the owner of any property benefited by the construction of a local improvement which has been financed by the issuance of general obligation improvement warrants shall fail to either pay any assessment upon such property or apply for bonding of such assessment as provided for in Section 17.12.140 of this Code within 60 days of the time the assessment is due and payable, the Treasurer shall immediately cause such property to be sold as provided in Charter Section 9-804 and deposit the proceeds of the sale in the Local Improvement District Assessment Fund created for that particular improvement to be transferred to the appropriate account within the Improvement Warrant Sinking Fund.