A. Any property purchased by the City from the foreclosure list
may be sold as directed by the Council in the manner provided by Charter, Code
or State law. Proceeds from the sale shall be used to reimburse the fund
from which the property was purchased, any liens paid or other expenses
incurred. Any remaining proceeds shall be placed in the assessment
collection fund unless otherwise designated by Council.
B. In selling property as described in Subsection 5.30.240 A.,
except in situations where the purchaser agrees to accept a quit claim deed, the
Treasurer shall purchase title insurance as a precondition of sale and shall pay
the cost of the policy.