Chapter 18.04 Disposition of Foreclosed Properties

Sections:

18.04.010 Disposition of Foreclosed Properties.
18.04.020 Transfer of Funds for Foreclosed Properties Classified for Public Purpose or Undesignated.
18.04.030 Proceeds Derived from the Sale of Foreclosed Properties.

18.04.010. Disposition of Foreclosed Properties. There is established the Alternative Funding of Depreciation. The Alternative Funding of Depreciation will consist of the City real property classified by the City Council for sale according to this chapter. (Ord. 05-11(S)§1, 2005.)

18.04.020 Transfer of Funds for Foreclosed Properties Classified for Public Purpose or Undesignated. Any such property that the City Council classifies, pursuant to HCC §18.06.042 shall be purchased by the transfer of funds from the General Fund or the General Fund - Fund Balance to the depreciation fund in the amount equal to fair market value of the property.(Ord. 05-11(S)§1, 2005.)

18.04.030 Proceeds Derived from the Sale of Foreclosed Properties. All real property received through foreclosure proceedings and designated for resale shall be sold pursuant to the provisions of HCC Chapter 18.12 and all proceeds, after satisfying delinquent taxes, assessments and/or City costs, shall be allocated to the funding of depreciation.(Ord. 05-11(S)§1, 2005.)