Arizona Revised Statutes § 48-941 Sale Procedure; District As Purchaser

48-941. Sale procedure; district as purchaser

A. On the day fixed for the sale, the superintendent shall at ten o'clock a.m., or any time thereafter to which the sale may be adjourned, begin the sale of the property advertised, commencing at the head of the list and continuing in the numerical order of lots, until all are sold. He may postpone or continue the sale from day to day until all the property is sold. Each lot separately assessed shall be offered for sale separately. The sale shall be for the entire assessment including the delinquent installment, and the person who will take the least quantity of land and then and there pay the amount of the assessment, penalty and costs due, including fifty cents to the superintendent for a certificate of sale, shall become the purchaser.

B. If there is no purchaser for any lot offered for sale, the lot shall be struck off to the district as the purchaser for the amount of the entire assessment and the district shall thereupon assume as a general obligation the amount of the assessment and interest accruing thereon, subject to the limitation provided in section 48-952. The district may sell any lot, so purchased after the expiration of the time for redemption, at public or private sale. All sums received by the district from redemption of property purchased by it and from sale by it of property so purchased shall be paid into the special fund for the payment of the bonds until the special fund is made sufficient to pay all outstanding bonds.

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Last modified: October 13, 2016