(a) The holder of any improvement bond issued under the provisions of this article shall have the right to institute, in the name of the city or county issuing such bond, an action in the district court of the county in which such property is located to foreclose the lien of such assessment whenever the assessment or any installment thereof is delinquent at least for a period of twelve (12) months. Such petition shall state generally the ownership of the bond, describe the property assessed, the nature of the improvement, the amount of the unpaid delinquent assessment and penalty thereon at the rate of twelve percent (12%) per annum, and shall pray for the foreclosure of the lien.
(b) Summons shall be issued on such petition as in other civil actions and the cause tried by the district court. Judgment may be entered thereon for the amount of such unpaid assessment or installment, together with interest thereon at the rate of twelve percent (12%) per annum from the date the assessment or installment was due and payable up to the time of the institution of such action and for the sum of six percent (6%) interest on the judgment from the time of the institution of the action until the judgment is paid.
(c) In the event the judgment, together with interest and costs, is not paid within six (6) months after the date of the rendition thereof, an order of sale shall issue by the clerk of the court, directed to the sheriff of the county, to sell the real estate in manner and form as in case of sale of real estate under execution. The judgment shall carry the costs of the action, together with the costs of the sale; and upon the payment of the judgment, the amount thereof exclusive of such costs shall be paid to the city or county treasurer, as appropriate, and become a part of the separate, special fund to pay such outstanding bonds and interest thereon. The judgment shall provide for the sale of the real estate subject to existing general or ad valorem taxes and assessments. All owners or incumbrancers shall be made parties defendant in the suit. Upon the institution of an action to collect delinquent and unpaid assessments in any district against property liable therefor, no other or further action shall be instituted and maintained to collect such delinquent assessment against the property for the year. No statute of limitation shall commence to run until one (1) year after the maturity of the last installment of the assessment.
Laws 1968, c. 415, § 1327, operative July 1, 1968.