Chapter 3.12
LOCAL IMPROVEMENT GUARANTY FUND
Sections:
3.12.030 To pay for ordered local improvements.
3.12.010 Established.
Pursuant to the provisions of Section 35.54.010 et seq., RCW, there is established a fund to be designated as the “local improvement guaranty fund” of the town for the purpose of guaranteeing, to the extent of such fund and in the manner provided by law the payment of local improvement bonds and warrants issued by the town to pay for any local improvement ordered. (Ord. 111 § 1, 1952)
3.12.020 Annual levy.
For the purpose of maintaining the local improvement guaranty fund, the town shall, at the time of making its annual budget and tax levy, provide for the levy of a sum sufficient, with the other sources of the fund, to pay the warrants issued against the fund during the preceding fiscal year and to establish a balance therein; provide that the levy in any one year shall not exceed five percent of the outstanding obligations guaranteed by fund. The taxes levied for the maintenance of the fund shall be additional to and, if need be, in excess of all statutory and charter limitations applicable to tax levies in the town. (Ord. 111 § 2, 1952)
3.12.030 To pay for ordered local improvements.
The “local improvement guaranty fund” created in this chapter is specifically established to guarantee the payment of local improvement district warrants and local improvement district bonds of the town for local improvement district No. 2, to be hereafter issued, and any other local improvement bonds and warrants hereafter issued under the provisions of the local improvement guaranty fund law to pay for any local improvement ordered. (Ord. 111 § 3, 1952).