Chapter 13.08
GUARANTY FUND
Sections:
13.08.020 Levy to maintain fund.
13.08.030 Tax levy – Limitations effect.
13.08.040 Interest on bank deposits of fund.
13.08.060 Payment of bonds and warrants.
13.08.010 Fund created.
Pursuant to Chapter 35.54 RCW, there is created a local improvement guaranty fund for the city. (1958 Code § 4.16.010).
13.08.020 Levy to maintain fund.
For the purpose of maintaining same, the city council shall, after creation thereof, levy from time to time, as other taxes are levied, such sums as may be necessary to meet the financial requirements thereof; provided that such sums so levied in any year shall not be more than sufficient to pay the outstanding warrants of the fund, and establish therein a balance which combined levy in any one year shall not exceed the greater of:
A. Twelve percent of the outstanding obligations guaranteed by the fund; or
B. The total amount of delinquent assessments and interest accumulated on delinquent assessments before the levy as of September 1st. (Ord. 1477 § 1, 1985; 1958 Code § 4.16.020).
13.08.030 Tax levy – Limitations effect.
The tax levy herein authorized and directed is additional and if need be in excess of any and all statutory and charter limitations applicable to the tax levies of the council for the city. (1958 Code § 4.16.030).
13.08.040 Interest on bank deposits of fund.
There shall be also paid into the guaranty fund the interest received from bank deposits of the fund, as well as any surplus remaining in any local improvement fund guaranteed hereunder after the payment of all outstanding bonds or warrants payable primarily out of such local improvement fund. (1958 Code § 4.16.040).
13.08.050 Rate of interest.
Warrants drawing interest at a rate established by the issuing officer under the direction of the legislative authority of the city shall be issued against the local improvement guaranty fund to meet any liability occurring against it. (Ord. 1477 § 2, 1985; 1958 Code § 4.16.050).
13.08.060 Payment of bonds and warrants.
As among the several issues of bonds or warrants guaranteed by the fund, no preference shall exist, but defaulted interest coupons, bonds and warrants shall be purchased out of the fund in the order of their presentation. So much of the money of the guaranty fund herein established as is necessary may be used to purchase certificates of delinquency for general taxes on property subject to local improvement assessments, outlying bonds or warrants guaranteed by the fund, or to purchase such property at county tax foreclosure, or from the county after foreclosure for the purpose of protecting this guaranty fund. (1958 Code § 4.16.060).