Chapter 3.04
LOCAL IMPROVEMENT GUARANTY FUND*
Sections:
3.04.020 Surplus funds – Transfer.
3.04.040 Defaulted bonds, coupons and warrants – Purchase.
*For statutory provisions on local improvement guaranty funds, see Chapter 35.54 RCW.
3.04.010 Established.
There is established a local improvement guaranty fund for the purpose of guaranteeing, to the extent of the fund, the payment of local improvement bonds and warrants issued to pay for any local improvement ordered. (Ord. 252 § 1, 1968).
3.04.020 Surplus funds – Transfer.
If in any local improvement fund heretofore established there are surplus funds remaining after the payment of all outstanding bonds and warrants payable therefrom, such surplus funds shall be transferred into the local improvement guaranty fund. (Ord. 252 § 2, 1968).
3.04.030 Tax levy – When.
For the purpose of maintaining the local improvement guaranty fund, the town council 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. (Ord. 252 § 3, 1968).
3.04.040 Defaulted bonds, coupons and warrants – Purchase.
Defaulted bonds, interest coupons and warrants against local improvement funds shall be purchased out of the guaranty fund, and, as between the several issues of bonds, coupons or warrants, no preference shall exist, but they shall be purchased in the order of their presentation. (Ord. 252 § 4, 1968).
3.04.050 Warrants – Interest.
Warrants drawing interest at a rate not to exceed six percent shall be issued against the local improvement guaranty fund to meet any liability accruing against it. The warrants so issued shall at no time exceed five percent of the outstanding obligations guaranteed by the fund. (Ord. 252 § 5, 1968).