54-8-20 - Assessments -- Failure to pay installment -- Interest and penalties -- Lien on property -- Sale of property -- Disposition of proceeds.
54-8-20. Assessments -- Failure to pay installment -- Interest and penalties -- Lienon property -- Sale of property -- Disposition of proceeds.
The failure to pay any installment and any interest thereon when due shall ipso factocause all other installments and the interest thereon to become due and payable and the governingbody shall, within 30 days from the date of such default, proceed against the property for thecollection of the total amount due thereon, including interest plus 10% additional on unpaidprincipal and interest as penalties and costs of collection. Special assessments levied hereundershall rank on an equality with taxes levied against the property assessed by the state, the countyand all other taxing districts, and no sale of property for the nonpayment of taxes or other specialassessments shall extinguish the lien of other than the taxes or special assessments for thenonpayment of which such sale is had. The proceeds of the sale of any property for nonpaymentof special assessments shall be applied in the discharge of such assessments, the interest thereon,costs and penalties. If there are outstanding any special improvement bonds issued pursuant tothe improvement in question, proceeds of the sale of any property for nonpayment of any specialassessments shall after the payment therefrom of the costs of collection be applied to the costs ofredemption prior to maturity of as many of the outstanding special improvement bonds as can beretired with the amount available. Any surplus remaining after the payment of amounts due shallbe paid over to the owner of the property sold. The lien of special assessments levied hereundershall be superior to all other liens against the property assessed except that it shall be on a paritywith the lien of ad valorem taxes and a lien of other special assessments and shall be effectivefrom and after the date upon which the resolution levying the assessments is adopted.
Enacted by Chapter 157, 1969 General Session