Source: http://www.codepublishing.com/WA/LakeForestPark/html/LakeForestPark03/LakeForestPark0332.html
Timestamp: 2018-08-19 18:00:08
Document Index: 403874154

Matched Legal Cases: ['§ 1', '§ 2', '§ 3', '§ 4', '§ 5', '§ 6', '§ 6']

Chapter 3.32 LOCAL IMPROVEMENT GUARANTY FUND
3.32.020 Annual levy.
3.32.030 Warrants.
3.32.040 Purchase of defaulted instruments.
3.32.050 Purchase of certificates of delinquency.
3.32.060 Interest and earnings.
3.32.070 Subrogation of rights.
Pursuant to Chapter 35.54 RCW, there is created a fund of the city to be known and designated as the local improvement guaranty fund, for the purpose of guarantying to the extent of such fund in the manner provided by law and this chapter the payment of local improvement bonds and warrants issued after the effective date of the ordinance from which this chapter derives to pay the cost of improvements constructed in all local improvement districts of the city. (Ord. 149 § 1, 1968)
From time to time for the purpose of maintaining the local improvement guaranty fund the city shall at the time of making its annual budget and tax levy provide for the levy of a sum sufficient, with other resources of the fund, to meet the financial requirements of such fund; provided, that the levy in any one year shall not exceed five percent of the outstanding obligations guaranteed by the fund. (Ord. 149 § 2, 1968)
Warrants drawing interest at a rate of not to exceed six percent shall be issued against the local improvement guaranty fund to meet any liability accruing against it. The warrants so issued shall at no time exceed five percent of the outstanding obligations guaranteed by the fund. At the time of making its annual budget and tax levy the city shall provide for the levying of a sum sufficient, with other resources of the fund, to pay warrants so issued during the preceding fiscal year. (Ord. 149 § 3, 1968)
Defaulted bonds, interest coupons and warrants against local improvement district funds of the city shall be purchased out of the guaranty fund and as between the several issues of bonds, coupons or warrants no preference shall exist, but they shall be purchased in the order of their presentation. (Ord. 149 § 4, 1968)
A. For the purpose of protecting the guaranty fund, so much of the guaranty fund as is necessary may be used to purchase certificates of delinquency for general taxes on property subject to local improvement assessments which underlie the bonds, coupons or warrants guaranteed by the fund or to purchase such property at county tax foreclosures or from the county after foreclosure.
B. The city, as trustee of the fund, may foreclose the lien of general taxes, certificates of delinquency and purchase the property at foreclosure sale. When doing so, the court costs, costs of publication, expense for clerical work and other expenses incidental thereto shall be charged to and paid from the local improvement guaranty fund.
C. After acquiring title to property by purchase at general tax foreclosure sale or from the county after foreclosure, the city may lease it or sell it at public or private sale at such price and on such terms as may be determined by resolution of the city council. All proceeds shall belong to and be paid into the local improvement guaranty fund. (Ord. 149 § 5, 1968)
Interest and earnings from the local improvement guaranty fund shall be paid into the fund. If in any local improvement fund guaranteed by the local improvement guaranty fund there is a surplus remaining after the payment of all outstanding bonds and warrants payable therefrom, it shall be paid into the local improvement guaranty fund. (Ord. 149 § 6, 1968)
Whenever any sum is paid out of the local improvement guaranty fund on account of the principal or interest of a local improvement bond or warrant, the city, as trustee of the fund, shall be subrogated to all the rights of the holder of the bonds or interest coupon or warrant so paid and the proceeds thereof or of the underlying assessment shall become part of the guaranty fund. (Ord. 149 § 6, 1968)