[1]
For statutory creation of local improvement guaranty funds in every city and town, see RCW 35.54.010.
There is created and established a local improvement guaranty fund for the city, for the purpose of guaranteeing the payment of five percent of its local improvement bonds and warrants issued to pay for its local improvements ordered. This fund is created and established by and under authority of Chapter 209 of the Laws of 1927 and Section 9351 – 1, 2, 3, 4 and 5 of Remington's Compiled Statutes of the State of Washington, 1927 Supplement.
(Ord. 28 § 1, 1931)
The council shall, at the time of making its annual tax levy for the year of 1932 and each year thereafter and in the same manner as other taxes are levied, levy such sums as are necessary to meet the requirements of its local improvement guaranty fund and such sums so levied in any one year shall not be more than sufficient to pay the outstanding warrants on the fund and to establish therein a balance which combined levy in any one year shall not exceed five percent of the outstanding obligations thereby guaranteed.
(Ord. 28 § 2, 1931)
The laws of the state and amendments thereto relating to and concerning all matters of local improvements for incorporated cities and towns are incorporated and made a part of this chapter of the city, and hereafter all proceedings relating to local improvements shall be had and conducted in accordance with the laws and ordinances of the city relating to local improvements.
(Ord. 28 § 3, 1931)