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<br />e e <br />REQUEST FOR"CITY COUNCIL AGENDA ITEM <br /> <br />Agenda Date Requested: 11/23/98 <br /> <br />Requested By: Jeff Litchfield Department: Finance <br /> <br />_ Report X ResoRution <br /> <br />Ordinance <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The City of La Porte must sometimes place real property within the City up for public auction after entry of <br />judgement of foreclosnre of the tax liens on the property. Such property is on occasion conveyed to the City, as <br />Trustee for the use and benefit of itself and the other taxing units that tax the property. The property may then be <br />sold for at least the market value specified in the judgement of foreclosure or the total amount of the judgments <br />against the property, whichever is less. It is necessary to accept payment for the property and disburse the <br />proceeds to the other taxing units that established tax liens in the foreclosure judgment, and to execute legal <br />documents transferring the property to the purchaser. <br /> <br />This resolution authorizes its Tax Assessor-Collector to accept payment of property acquired nnder tax <br />foreclosure judgement, to pay the costs of suit and sale, and to disburse payments from the sale proceeds to other <br />taxing units that established liens in the tax foreclosure judgment, and does further authorize the Mayor to <br />execute legal documents transferring the property to the purchaser, when the purchase price is at least the market <br />value specified in the judgement or the total amount ofthe judgements against the property, whichever is less. <br /> <br />Action Required by Councill:. <br /> <br />Approve Resolution <br /> <br />Availability of Funds: <br /> <br />_ General Fund_ Water/Wastewater <br />_ Capital Improvement_ General Revenue Sharing <br />Other <br /> <br />Account Number: ~ Funds Available: _ YES _ NO <br /> <br /> <br />F7L~ "/Js}~f( <br />Date <br />