The creation of local improvement districts by the city, the levying and collection of assessment therein and the issuance of bonds and warrants thereof, shall be accomplished in accordance with the applicable provisions of the statutes of the state of Washington and the provisions of this chapter.
(Ord. 54 § 1, 1995)
The city manager or designee is hereby designated as the proper office to make preliminary estimates and assessment rolls for local improvement districts of the city and to furnish to the city council such information as may be required by law to be furnished to the city council in connection with the formation of local improvement districts.
(Ord. 54 § 2, 1995)
Local improvement bonds shall be in such denominations as may be provided in the ordinance authorizing their issue. The city may in such ordinance provide that the date, form and interest rate of such bonds and the denomination of the first numbered bond of such issue be subsequently fixed by resolution.
(Ord. 54 § 3, 1995)
In levying local improvement assessments the city shall estimate the reasonable costs to be incurred in collecting such assessments and same shall be added to the assessment roll as a part of the cost of the improvement.
(Ord. 54 § 4, 1995)
Installments of assessments which shall become due in any local improvement district of the city shall be delinquent if not paid when due. All delinquent installments shall bear a penalty of five percent of the principal amount due on such delinquent installment or installments. If any assessment installment shall become delinquent, the entire assessment shall become due and payable and the collection thereof may be enforced by foreclosure and any other remedies provided by the laws of the state of Washington.
(Ord. 54 § 5, 1995)
Foreclosure or delinquent local and utility local improvement district assessments or installments thereof may be commenced by the methods provided in Chapter 35.50 RCW.
A responsible official of the city as provided for in Chapter 35.50 RCW shall first give to the persons whose names appear on the assessment roll as owners of the property charged with the assessment or installment which are delinquent, notice of commencement of foreclosure proceedings in the form and manner required by RCW 35.50.030. The foreclosure proceedings shall then be commenced in the time required by law.
(Ord. 54 § 6, 1995)
Pursuant to Chapter 35.54 RCW, there is hereby created a fund of the city to be known and designated as “local improvement district guaranty fund” for the purpose of guaranteeing to the extent of such fund in the manner provided by law and this chapter the payment of local improvement bonds and warrants hereafter issued to pay the cost of improvements constructed in all local improvement districts of the city.
(Ord. 54 § 7, 1995)
From time to time hereafter for the purpose of maintaining the local improvement guaranty fund, the city shall at the time of making its 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. 54 § 8, 1995; Ord. 816 § 2(C), 2018)
Warrants drawing interest at a rate 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. 54 § 9, 1995)
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 warrant no preference shall exist, but they shall be purchased in the order of their presentation.
(Ord. 54 § 10, 1995)
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 sales 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. 54 § 11, 1995)
A. 
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.
B. 
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 subrograted 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. 54 § 12, 1995)