In accordance with Chapter 141, Laws of 1923, of the State of Washington, the City of Tacoma hereby elects to operate the local improvement guarantee fund created by Ordinance No. 7567 of the City of Tacoma under the provisions of Chapter 141, Laws of 1923 of the State of Washington, instead of under the provisions of Chapter 138, Laws of 1917 of the State of Washington.[1]
(Ord. 8414 § 1, 1925-03-18)
[1]
Note: See RCW 35.54.010.
In accordance with Chapter 141, Laws of 1923 of the State of Washington, the City of Tacoma hereby elects to establish and create a fund for the purpose of guaranteeing to the extent of such fund bonds issued against local improvement districts in the City of Tacoma subsequent to the passage of Ordinance No. 7567 of the City of Tacoma.
(Ord. 8414 § 2, 1925-03-18)
There is hereby created in the Treasury of the City of Tacoma a fund which shall be known and designated as “Local Improvement Guaranty Fund.”
(Ord. 8414 § 3, 1925-03-18)
Said Local Improvement Guaranty Fund shall be maintained from time to time by the levy, as hereinafter provided, of such sums as are necessary to meet the financial requirements thereof; provided that any sums levied in any year shall not be more than sufficient to pay the outstanding warrants on said 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. 8414 § 4, 1925-03-18; Ord. 13678, 1949-08-00)
All moneys in and assets of the “Local Improvement Guaranty Fund” created by Ordinance No. 7567, be and the same are hereby transferred to the “Local Improvement Guaranty Fund” created hereunder.
(Ord. 8414 § 5, 1925-03-18)
All bonds guaranteed under the “Local Improvement Guaranty Fund” created by Ordinance No. 7567 shall be held and deemed to be guaranteed under the provisions of this chapter.
(Ord. 8414 § 6, 1925-03-18)
After the passage of this chapter, there shall be levied from time to time, as other taxes are levied, such sums as may be needed to meet the financial requirements of the Local Improvement Guaranty Fund hereunder created; and, whenever the City of Tacoma shall have paid out of said Guaranty Fund any sum on account of principal and interest on a local improvement bond hereunder guaranteed, the City of Tacoma, as Trustee for said fund, shall be subrogated to all the rights of the holders of the bond or interest coupon so paid, and the proceeds therefor shall become a part of said fund. There shall also be paid into said fund interest received from bank deposits thereof, and from all moneys collected from local assessments the bonds against which are guaranteed by said fund.
(Ord. 8414 § 7, 1925-03-18)
Warrants drawing interest at a rate not to exceed six percent shall be issued against said Guaranty Fund to meet any liabilities accruing against it, and, at the time of making the annual budget and tax levy of the City, the City shall provide for the levying of a sum sufficient, with the other resources of the fund, to pay warrants so issued during the preceding fiscal year; provided, however, that such warrants shall at no time exceed five percent of the outstanding bond obligations guaranteed by said fund.
(Ord. 8414 § 8, 1925-03-18)
Neither the owner nor holder of any bond issued after the passage of this chapter shall have any claim therefor against the City of Tacoma, except for payment from the special assessments made for the improvement for which said bond was issued, and except as against the said Local Improvement Guaranty Fund created by this chapter.
The remedy of the holder or owner of such bond in case of nonpayment shall be confined to the enforcement of such assessment and to the said Guaranty Fund. A copy of this section shall be plainly written, printed or engraved on each bond issued and guaranteed hereunder; and the writing, printing or engraving of this section upon any such bond shall be deemed sufficient compliance with the requirements of RCW 35.45.070.
(Ord. 8414 § 9, 1925-03-18)