Chapter 3.32
LOCAL IMPROVEMENT
GUARANTY FUND
Sections:
3.32.020 Disbursements – Warrant issuance.
3.32.030 Delinquent assessments – Notice to city council – Contents.
3.32.040 Delinquent assessments – General taxes foreclosure by county – Council to direct payment.
3.32.060 Use of moneys – City not obligated to make payments in case of insufficient amount levied.
3.32.070 Provision for levying sum sufficient to pay warrants.
3.32.080 Investment authorization.
3.32.010 Establishment.
There is established and the clerk/treasurer of the city of Sultan is directed to set up a local improvement guaranty fund for said city, which fund shall be for the purpose of guaranteeing the payment of local improvement bonds and warrants issued to pay for improvements ordered by said city council pursuant to laws of the state of Washington. (Ord. 192 § 1, 1947)
3.32.020 Disbursements – Warrant issuance.
Available funds thereof shall be used to meet liabilities accruing against same and warrants shall be issued against said fund to draw interest at not to exceed six percent to meet such liabilities, which warrants shall at no time, however, exceed five percent of the outstanding bond obligations guaranteed by said fund. (Ord. 192 § 2, 1947)
3.32.030 Delinquent assessments – Notice to city council – Contents.
When any assessment levied against real estate within any local improvement district established by said city, subsequent to April 7, 1926, is delinquent and subject to foreclosure for the collection of such delinquent assessments, the city clerk/treasurer shall immediately notify the council, in writing, giving the description of such tract of real estate subject to foreclosure, the amount of unpaid assessments, penalties and interest against the same, and the council shall within one year from January 1st of each year direct the necessary foreclosure proceedings for such collection, by proper resolution by it adopted. (Ord. 192 § 3, 1947)
3.32.040 Delinquent assessments – General taxes foreclosure by county – Council to direct payment.
The city clerk/treasurer shall immediately notify the council, in writing, upon receipt of notice from the treasurer of Snohomish County, Washington, respecting general taxes foreclosure or sale by said county of any tract of real estate against which there are unpaid assessments outstanding in any local improvement district of the city, and the council may direct payment from or against said local improvement guaranty fund of the necessary sums to protect said local improvements in the manner by law provided. (Ord. 192 § 4, 1947)
3.32.050 Council’s authority to lease or dispose of property purchased for protection of local improvement district.
The council shall have full authority to lease or sell or otherwise deal with or dispose of any such tract of real estate which it may purchase for the protection of any local improvement district, in such manner and at such price as it may determine to be for the best interests of the city, all expenses of which shall be paid or charged against said guaranty fund, and any net funds realized from any such tracts or real estate, all interest earned by moneys belonging to said guaranty fund and placed at interest, and any surplus remaining in any local improvement district fund, after payment in full of all bonds and warrants issued against same, shall be deposited by the city clerk/treasurer in said guaranty fund. (Ord. 192 § 5, 1947)
3.32.060 Use of moneys – City not obligated to make payments in case of insufficient amount levied.
Moneys placed in said guaranty fund shall be used only for the purposes provided in this chapter, and for the payment of delinquent bonds, interest coupons and warrants issued by the city for the payment of expenses of local improvement districts established by the city subsequent to April 7, 1926, and the city of Sultan, Washington, does not obligate itself, or guarantee the payment of any local improvement bonds, interest coupons or warrants except to the extent that there shall be a sufficient amount levied for or in said local improvement guaranty fund, all as provided by law. (Ord. 192 § 6, 1947)
3.32.070 Provision for levying sum sufficient to pay warrants.
At the time of making its annual budget and tax levy the city council shall provide for the levying of a sum sufficient, with other resources of the fund, to pay warrants issued against the same during the preceding fiscal year. (Ord. 192 § 7, 1947)
3.32.080 Investment authorization.
The city clerk/treasurer is authorized to invest moneys held in said local improvement guaranty fund from time to time in investments authorized by law for such city funds and which investments are subject to liquidation at all times for not less than par. (Ord. 192 § 8, 1947)