Chapter 13.16
LOCAL IMPROVEMENT BONDS

Sections:

13.16.010    Form and contents of bonds.

13.16.020    Payment period – Interest rate – Delinquency penalty.

13.16.030    Items included in improvement cost assessed against property.

13.16.010 Form and contents of bonds.

The form of bonds to be issued in local improvement districts in the city shall be substantially as follows:

UNITED STATES OF AMERICA

State of Washington

LOCAL IMPROVEMENT BOND

Number _______     Dollars _______

District No. ___
of the
CITY OF RAYMOND

Section 5 Chapter 209 Session Laws of 1927 (RCW 35.45.030)

N.B. – Neither the holder nor the owner of any bond or warrant issued under the provisions of the Act shall have any claim therefor against the city or town by which the same is issued, except for payment from the special assessments made for the improvement for which said bond or warrant was issued, and except as against the local improvement guaranty fund of such city or town, and the city or town shall not be liable to any holder or owner of such bond or warrant for any loss to the guaranty fund occurring in the lawful operation thereof by the city or town. The remedy of the owner or holder of a bond or warrant in case of non-payment, shall be confined to the enforcement of the assessment and to the guaranty fund.

THE CITY OF RAYMOND, a municipal corporation of the State of Washington hereby promises to pay to __________ or bearer, ________ DOLLARS ($________) lawful money of the United States, with interest thereon at the rate of _____ percent per annum payable annually, out of the fund established by Ordinance No. ________ of said City, except as provided by law, both principal and interest payable at the office of the City Clerk/Treasurer of said City.

A coupon is hereto attached for each installment of interest to accrue hereon and said interest shall be paid only on presentation and surrender of such coupons to the City Clerk/Treasurer.

The City Council of said City, as the agent of said Local Improvement District established by said Ordinance has caused this bond to be issued in the name of said City, as the bond of said Local Improvement District, the bond or the proceeds thereof to be applied in part payment of so much of the cost and expense of the improvement of ______________________ under said Ordinance as is levied and assessed against the property included in said Local Improvement District and benefited by said improvement and the said Local Improvement Fund has been established by Ordinance for said purpose; and the holder or holders of this bond shall look only to said fund and the Local Improvement Guarantee Fund created by Chapter 209, Session Laws of 1927, for the payment of either the principal or the interest of this bond.

This bond is one of a series of _________ bonds, aggregating in all the principal sum of ___________ DOLLARS, issued for said Local Improvement District, all of which bonds are subject to the same terms and conditions as herein expressed.

This bond is payable on or before the _________ day of ___________, 20___ but is subject to call by the City Clerk/Treasurer for prior redemption on any interest date, which call for payment shall be made by said City Clerk/Treasurer by publishing the same in the official newspaper of said City and when such call is made this bond will be paid on the day and the next interest coupon thereon shall become due after said call and upon said day interest upon this bond shall cease and each and every coupon representing interest not accrued upon said day shall be void.

IN WITNESS WHEREOF, the City of Raymond has caused these presents to be signed, attested and sealed with its corporate seal as required by law, this _______ day of ___________, in the year of our Lord, Two Thousand and ___________.

THE CITY OF RAYMOND

By (s) Wm. Gurr
(_____________)
Mayor

Attest:

_________________
City Clerk/Treasurer

“Interest Coupon”

On _____________

(Interest) Interest Coupon No.

    ($________) ________

THE CITY OF RAYMOND, WASHINGTON promises to pay to the bearer at the office of the City Clerk/Treasurer _____________ Dollars, being one year’s interest due that day on Bond No. ________ of the bonds of Local Improvement Fund District No. _________ and not otherwise, provided that this coupon is subject to all the terms and conditions contained in the bond to which it is annexed.

THE CITY OF RAYMOND

By (s) Wm. Gurr
(_____________)
Mayor

Attest:

_______________________
City Clerk/Treasurer

(1958 code § 6.32.010)

13.16.020 Payment period – Interest rate – Delinquency penalty.

A. The time within which such assessments or installments thereof shall be paid shall not exceed 12 years, and the number of installments shall be less by two than the number of years which the bonds issued to pay for the improvement may run.

B. The interest rate on the bond shall not exceed eight percent per year.

C. Assessments or installments thereof, when delinquent, in addition to such interest shall bear a penalty of not less than five percent.

D. Interest and penalty shall be included in and shall be a part of the assessment rate. (1958 code § 6.32.020)

13.16.030 Items included in improvement cost assessed against property.

Whenever any local improvement herein authorized is ordered, there shall be included in the cost and expense thereof to be assessed against the property specially benefitted by such improvement and included in the district created to pay the same, the cost of that portion of the improvement included within the limits of any street intersection spaces, the estimated cost and expense of all engineering and surveying necessary for the improvement to be done by and under the direction of the city engineer, ascertaining the ownership of the lots or parcels of land included in the assessment district, advertising, mailing and publishing all notices required to be advertised, published or mailed, accounting and clerical labor, and books and blanks extended or used by the city clerk/treasurer in connection with the improvement. (1958 code § 6.32.030)