§ 250.316.

OTHER BONDHOLDERS SHALL HAVE NO INTEREST IN APPLIED BOND PROCEEDS

To the extent that a bondholder purchases property at a sale and pays for it in cash, the monies received by the City shall be used and applied in payment of bonds of the issue and the interest due, owned by the purchaser, first to interest, second to the principal of matured bonds, and third to the principal of unmatured bonds.

History

(Added by Ord. 225-81, App. 5/5/81)

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