Chapter 3.32
LOCAL IMPROVEMENT FUNDS
Sections:
3.32.010 Local improvement guaranty fund – Established.
3.32.020 Local improvement guaranty fund – Statutory provisions adopted.
3.32.030 Local improvement guaranty fund – Payment of bonds, coupons or warrants.
3.32.040 Local improvement guaranty fund – Issuance and payment of warrants.
3.32.050 Local improvement guaranty fund – Source of moneys.
3.32.010 Local improvement guaranty fund – Established.
There is created and established a “local improvement guaranty fund” for the purpose of guaranteeing, to the extent of the fund, the payment of its local improvement bonds and warrants issued by the city to pay for any local improvement ordered in the city or in any area wholly or partly outside its corporate boundaries. Any moneys in the local improvement guaranty fund at the end of the fiscal year shall not lapse and are subject to reappropriation by the council to another fund only as authorized by state law and the regulations of the Division of Municipal Corporations of the Office of the State Auditor. (Ord. 2000-18 § 2, 2000: prior code § 1.64.280).
3.32.020 Local improvement guaranty fund – Statutory provisions adopted.
In addition to the provisions of this chapter, Chapter 35.43 of the Revised Code of Washington, as amended, is adopted as the supplemental rules and regulations for the maintenance and operation of the local improvement guaranty fund. The amendment, addition or repeal of any section of Chapter 35.43 of the Revised Code of Washington shall be deemed to amend this chapter and the statutes incorporated herein by reference in conformity with any such amendment, addition, or repeal, and it shall not be necessary for the city to take any legislative action with respect to such addition, amendment or repeal. If any provision of this chapter conflicts with Chapter 35.43 of the Revised Code of Washington, as amended, said provision of this chapter shall be thereby superseded. (Ord. 2000-18 § 3, 2000: prior code § 1.64.290).
3.32.030 Local improvement guaranty fund – Payment of bonds, coupons or warrants.
Whenever any interest coupon, bond or warrant guaranteed by the local improvement guaranty fund shall be in default, the city clerk is authorized and directed, upon the presentation and delivery of such defaulted bond, coupon or warrant, to purchase such defaulted coupon, bond or warrant from the person or persons presenting the same, out of the local improvement guaranty fund, in the order of their presentation, and the treasurer is authorized and directed to pay from the local improvement guaranty fund such amount as may be necessary to pay in full any such coupon, bond or warrant with any interest that may be due thereon. Any defaulted coupon, bond or warrant received by the city clerk under the provisions of this section shall be held for the benefit of said local improvement guaranty fund. (Ord. 2000-18 § 4, 2000: prior code § 1.64.300).
3.32.040 Local improvement guaranty fund – Issuance and payment of warrants.
Warrants drawing interest at a rate of not to exceed six percent shall be issued against said guaranty fund to meet any liability accruing against it, and at the time of making the annual budget and tax levy of the city, the city shall provide for the levying of a sum sufficient with the other resources of the fund, to pay warrants so issued during the preceding fiscal year; provided, that such warrants shall at no time exceed five percent of the outstanding bond obligations guaranteed by said fund. (Prior code § 1.64.310).
3.32.050 Local improvement guaranty fund – Source of moneys.
The city treasurer is authorized and directed to pay into such local improvement guaranty fund all interest received from bank deposits of said fund, as well as any surplus remaining in any local improvement fund guaranteed under said act after the payment of all outstanding bonds or warrants payable primarily out of such local improvement fund. (Prior code § 1.64.320).