§ 17.10.120. Terms of a land sale.

A.

The assembly shall by ordinance fix the terms of all sales of borough lands. The ordinance shall contain the date of sale, the method or methods of sale, the manner in which payment is to be made, the interest to be conveyed, the instrument of conveyance to be used, and any other terms the assembly deems appropriate.

B.

Land disposal actions will be in conformance with the land classification system.

C.

The assembly may authorize payment to be made over time only if:

1.

The down payment is at least 10% of the sale price;

2.

The rate of interest is the prime rate on the authorized date of sale plus two percent (2%);

3.

The period for total payment does not exceed ten years;

4.

The period for total payment does not exceed twenty years if the land is sold for agricultural use;

5.

A late fee of ten percent of the monthly payment shall be charged whenever a payment is received ten or more calendar days past the due date.

6.

Any unpaid balance due the borough must be paid in full if the purchaser sells the property unless the assembly has provided otherwise.

D.

The assembly may authorize the sale of land for an amount other than fair market value only if the ordinance authorizing the sale contains:

1.

A finding that sale for an amount other than fair market value is in the best public interest;

2.

A statement of the facts on which the finding is based; and

3.

The period of time during which the offer may be accepted.

E.

If the assembly requires a prospective buyer to pay to the borough a down payment, bond or other deposit, and if the prospective buyer breaches a term of the sale, then the borough shall retain as liquidated damages the prospective buyer's down payment, bond or other deposit.

F.

The mayor shall not sell, lease or authorize any other use or disposition of borough land to a person who is delinquent in the payment of any tax, debt or obligation owed to the borough.

G.

When applicable, the sale of land shall be subject to the veteran's credit as defined KPB Chapter 1.30.

(Ord. No. 92-57, § 1(part), 1993)