Chapter 3.28
LID GUARANTY FUND

Sections:

3.28.010    Findings.

3.28.020    Established.

3.28.010 Findings.

The city council and mayor are required by law to provide payment for certain unpaid LID obligations. (Ord. 168 § 1, 1942)

3.28.020 Established.

There is created a fund to be known as the “Local Improvement District Guaranty Fund” for the purpose of buying outstanding obligations of LID No. 20 or any future local improvement district, or buying properties on which there are unpaid LID assessments at foreclosure sales, and reselling the same or in any other legal manner facilitating the settlement of local improvement district indebtedness within the city. (Ord. 168 § 2, 1942)