Chapter 3.52
LOCAL IMPROVEMENT GUARANTY FUND1
Sections:
3.52.010 Established – Maintenance.
3.52.030 Maintenance levy – Maximum amount permitted.
3.52.040 Additional source of funds.
3.52.010 Established – Maintenance.
A. There is created a local improvement guaranty fund which shall be established and maintained as provided by Chapter 35.54 RCW.
B. The fund shall be maintained at all times that there are unpaid local improvement district bonds of the city outstanding. [Ord. 307 § 14, 1979].
3.52.020 Purpose.
The local improvement guaranty fund shall guarantee, to the extent of such fund and as provided by the laws of the state, the payment of all local improvement bonds and warrants, with interest thereon, issued by the city subsequent to April 7, 1927. [Ord. 307 § 14(a), 1979].
3.52.030 Maintenance levy – Maximum amount permitted.
For the purpose of maintaining the local improvement guaranty fund the city council shall, at the time of making its annual budget and tax levy, provide for the levy of a sum sufficient, with the other sources of the fund, to pay the warrants issued against the fund during the preceding fiscal year and to establish a balance therein; provided, however, that the levy in any one year shall not exceed five percent of the outstanding obligations guaranteed by the fund. [Ord. 307 § 14(b), 1979].
3.52.040 Additional source of funds.
All surplus funds in any local improvement district fund guaranteed by this local improvement guaranty fund that remain after the payment of all outstanding bonds and warrants payable therefrom shall be paid into the local improvement guaranty fund. [Ord. 307 § 14(c), 1979].
3.52.050 Transfer of funds.
The city council may, by ordinance, when all of the bonds guaranteed by the local improvement guaranty fund have been paid, transfer the monies then in said fund to the general fund. [Ord. 29-13 § 1, 2013; Ord. 307 § 14(d), 1979].
Editor’s Note: For statutory provisions on the local improvement guaranty fund, see Chapter 35.54 RCW.