§ 3. Financing Municipal Improvements.

In consideration of the work to be done by such private parties the City may sell or agree to sell to such private contracting parties any or all of the municipal improvement liens assessed by the City against abutting property for benefits to such property resulting from the municipal improvements so constructed. Said liens shall be evidenced by special assessment lien certificates and shall be assigned by the City without recourse against the City in the event of failure of payment. Said liens may be enforced by the party to whom assigned or anyone holding under him as any other liens are enforced in equity, or the City may agree to enforce such liens for and in behalf of the holder thereof, provided; however, if the City has extended the time of payment in accordance with Section 1 of Chapter 3 hereof, for any or all of the improvement liens to be assigned, the liens shall only be enforced in accordance with the extended terms as set forth by the City Council. Any improvement lien assigned to a private party is subject to being recalled by the City upon payment by the City of the then outstanding balance due for principal and interest, in the event the City Council determines, after the improvement lien has been assigned that, a hardship situation exists with the owner of the property involved.

(Laws of Fla. ch. 29362(1953), § 3; Ord. of 6-10-1985, Doc. #19481)