Assessments are liens upon the property assessed and are prior and paramount to all liens except municipal tax liens. They may be enforced as provided in Alaska Statutes, Section 29.45.290 through Section 29.45.500. Upon default in a payment due on an assessment district financed by general obligation bonds, the City Council may enforce payment of principal and interest, and cost of collection in a civil action in the same manner and with the same effect as actions for the foreclosures of mortgages on real property. Foreclosure shall be against all property on which assessments are in default. The period of redemption shall be the same as in the case of mortgage foreclosures on real property. Monies received from actions taken against property for non-payment of assessment shall be credited to the Sinking Fund. Upon default in a payment due on an assessment district financed by special assessment bonds, a bond holder or the City Council may also enforce payment of principal and interest and costs of collection in a civil action as herein above outlined. (Ords. 791, 1174)