Chapter 3.04
LOCAL IMPROVEMENT GUARANTY FUND
Sections:
3.04.010 Revolving fund—Authority to disburse fund.
3.04.020 Demands of local improvement warrants.
3.04.010 Revolving fund—Authority to disburse fund.
The revolving fund now held by the treasurer of this city, which was raised by tax levies prior to May 14, 1926, for the purpose of guaranteeing the payment of any local improvement warrants or bonds issued by the city of Centralia, shall be treated as a validly established elective local improvement guaranty fund. The city treasurer is authorized and directed to disburse this fund as a validly established local improvement guaranty fund pursuant to the provisions of Chapter 141, Laws of 1923, from and after June 7, 1939. (Ord. 760 § 1, 1939).
3.04.020 Demands of local improvement warrants.
The city treasurer is authorized and directed, from and after June 7, 1939, upon the demand of the several holders of the local improvement warrants and bonds issued subsequent to the tax levies, to resort to this fund for the payment thereof whenever the funds to the credit of any such local improvement district upon which these warrants or bonds are drawn are insufficient to pay and discharge the same upon presentation. No preference shall exist among the several issues of bonds or warrants, but defaulted interest coupons, bonds and warrants shall be purchased out of the fund in the order of their presentation, and upon such purchase the funds shall be subrogated to all the rights of the holder of any such warrant or bond so purchased. (Ord. 760 § 2, 1939).