Ordinance 2126 - Laserfiche WebLink

r . } I npz ovement ruarant y Fund ", established under Prd nanee Noel 7O, are hereby transferred to Local Improvement guaranty Fund Na:E created and established under the provisions Of this ordinance. Said fund shall at no time exceed a sum equal to 5 of the ant* standing bond obligations hereby guaranteed.. The City oir ETiltratt shall levy from time to time, as other taxes are levied* Snob sums as may be needed to meet the financial requirements .of the fund. Whenever there shall have been paid out of' this guaranty fund any sum on account of principal or interest of a Local Improvement bond, the City, as trustee for the fund, shall subrogate to all the rights of the holder of the bond or interest coupon so paid and the proceeds thereof shall become a part of the fund. There shall also be paid into this guaranty fund: the interest received from bank deposits of the fund and frog all moneys collected fro* focal assessments, the bonds against which are guaranteed by this .faa.. Warrants drawing interest at a rate not to exceed fi% per annum. shall be issued against said fund to meet. any liability accruing against it, and at the time of making its annual budget and tax levy, the city alkali provide for the levying of a sum sufficient , with the other rrtaeuroea of the fund, to pay warrants so issued during the prlOesdng fiscal yaar* Provided however, that such warrants shall at no time •xcsed. 5t of the outstanding bond obligations guarantee$, by said fd, Section 4 s T eitkier the holder nor the owner of any lend issued. under the provisions of this ordinance shall have any claim therefor against the City Of lil t itt''`except f payment from the special assessments made. `Qt the* :`improvement; for. • which .said bond was issued and exe,1p ,�t. as at flirt ... aai� guaranty' • fatal created under the provisions of this ordinance