§ 37-13-123 — Proceeds of sale

The proceeds of the sale of any property for nonpayment of
special assessments shall be applied in the discharge of the
assessments, the interest, costs and penalties thereon. If there
are outstanding any special improvement bonds issued pursuant to
the improvement in question, proceeds of the sale shall, after
the payment therefrom of the costs of collection, be applied to
the cost of redemption prior to maturity of as many of the
outstanding special improvement bonds as can be retired with the
amount available.