Establishing Procedures for the Disposition and Rental of Real Property owned City of South Bend

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deems appropriate. (f) After a sale has been awarded by the Board, the pur- chaser shall pay the purchase -money to the Office of the Board to be covered into the General Fund of the City Treasury. After submission of a receipt for the purchase -money to the Board by the Controller, the Board shall cause a quitclaim deed to be prepared, which deed shall be signed by the Mayor and attested to by the City Clerk, with the seal of the City affix- ed. All title and abstract costs shall be paid by the purchaser. If the purchase -money is not paid within twenty (20) days after the award of the sale, the Board may re -award the sale to the next highest and best bid or re -offer the property according to the procedure of this section. (g) If a purchaser under a deferred payment contract fails to make an installment payment within a reasonable per- iod of time after the due date, the contract shall be forfeited and the land shall immediately revert to the City. Such reverted land will then be available for resale. (h) The provisions of this section with respect to apprai- sal, publication, and bidding procedure do not apply to the sale, lease, or other disposition of real pro- perty to other public bodies or agencies for public purposes. "SEC. 30A - 3. Same: Lease The Board is authorized to lease real property owned by the City of South Bend. The Board shall determine the fair rental value of such real property and the rents coll- ected shall be covered into the General Fund of the City Treasury."