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ORDINANCE NO. 553-19 <br /> 1 <br /> 2 <br /> AN ORDINANCE prescribing rules and regulations <br /> 3 for the maintenance and operation of the Local <br /> Improvement Guaranty Fund of the City, consolidating <br /> 4 and designating such fund and repealing Ordinance <br /> No . 2162 (EMC Chapter 13 . 52) . <br /> 5 <br /> WHEREAS, Chapter 35 . 54 RCW establishes a Local Improvement <br /> 6 <br /> Guaranty Fund (the "Guaranty Fund" ) of the City and provides <br /> 7 <br /> that the City shall prescribe by ordinance appropriate rules and <br /> 8 <br /> regulations for the maintenance and operations of such fund; NOW <br /> 9 <br /> THEREFORE, <br /> 10 <br /> THE CITY OF EVERETT DOES ORDAIN: <br /> 11 <br /> Section 1 . The City Council , at the time of making its <br /> 12 <br /> annual budget and tax levy, shall provide for the levy of a sum <br /> 13 <br /> sufficient, with the other sources of the Guaranty Fund, to pay <br /> 14 <br /> warrants issued against the Guaranty Fund during the preceding <br /> 15 <br /> fiscal year and to maintain a balance therein. In no event <br /> 16 <br /> shall the levy in any one year exceed the greater of ( 1) 12% of <br /> 17 <br /> the outstanding obligations guaranteed by the Guaranty Fund, or <br /> 18 <br /> (2) the total amount of delinquent assessments and interest <br /> 19 <br /> accumulated on the delinquent assessments before the levy as of <br /> 20 <br /> September 1 of that year . <br /> 21 <br /> The cost of providing for increases in the Guaranty Fund <br /> 22 <br /> also may be included in the cost and expense to be assessed <br /> 23 <br /> against property in any local improvement district . <br /> 24 <br /> 25 <br />