Ordinance 1870 - Laserfiche WebLink

• ORDINAANCE No. 1870 An ordinance providing for the guaranty of the payment of Local Improvement Assessment bonds of the city of Everett. Section I: A fund is hereby created to be called "Local Improvement Guaranty Fund" for the purpose of guaranteeing to the extent of such fund and in the manner hereinafter provided and as provided by the law of the state of `Washington, the payment of bonds hereafter issued against Local Improvement Assessmelt s of the city of Everett for the payment of Local Improvement Assessments therein. section 2: Said fund shall at no time exceed an amount equal to five per cent of the outstanding bond obligations of the Local Improvement Districts of Everett issued subsequent to the passage of this ordinance. Section 3 : The city of Everett shall levy from time to time as other taxes are levied, such sums as may be necessary to meet the financial requirements of the fund. and whenever the city shall have paid under this guaranty any sum on account of the principal bonds of or interest coupons on the/ any district , it shall be subrogated to all the rights of the holders of such bonds or coupons so paid and such bonds or coupons and the proceeds thereof shall become part of the guaranty fund. Warrants drawing interest at a rate not to exceed six per cent may be issued against said fund to meet any financial liabilities accruing against it and at the time of making its annual budget and tax levy the city shall provide for a levy of a sum sufficient With the other resources of the fund warrants to pay Wag so- issued during the preceding fiscal year. Section 4t fleither the holder nor owner of any bond issued