A. If the governing body fails or refuses to foreclose and sell a tract or parcel of land for the delinquent assessment or installment of the assessment as required in Section 39-116 of this title, any holder of a bond secured by the assessment may foreclose the assessment lien on such delinquent property in the manner provided by law for the foreclosure of mortgages on real estate.

B. Whenever a governing body, board of county commissioners or local board of education is delinquent in the payment of an assessment, the holder of any bonds issued against the tract or parcel of land of the city, county or school district has the rights and remedies for the collection of the assessment as are given by law for the collection of judgments against cities, counties and school districts.