Chapter 3.24
LOCAL IMPROVEMENT DISTRICT GUARANTY FUND
Sections:
3.24.010 Payment for unpaid obligations required.
3.24.010 Payment for unpaid obligations required.
The council and mayor of the city are required by law to provide payment for certain unpaid LID obligations. (Ord. 106 § 1, 1953).
3.24.020 Fund created.
There is created a fund to be known as local improvement district guaranty fund for the purpose of buying outstanding obligations of LID No. 1 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. 106 § 2, 1953).