Ordinance 1553-89 - Laserfiche WebLink

If , at any time within five years of any transfer of assets 1 from the Guaranty Fund to the General Fund the net cash of the 2 Guaranty Fund is reduced below 10% of the net outstanding obli- 3 gations guaranteed by the Guaranty Fund, the City to the extent 4 of the amount transfered, shall pay valid claims against the 5 Guaranty Fund as a general obligation of the City and shall pay 6 all reasonable costs of collection necessarily incurred by the 7 holders of valid claims against the Guaranty Fund. 8 Section 6 . This ordinance constitutes the rules and regu- 9 lations for the maintenance and operation of the Guaranty Fund. 10 Money of the Guaranty Fund also may be used for and in such man- 11 ner as is or may hereafter be authorized by Chapter 35 . 54 RCW. 12 Section 7 . If any provisions of this ordinance or its 13 application to any person or circumstances is held invalid by a 14 court of competent jurisdiction, the remainder of the ordinance 15 or the application of the provision to other persons or circum- 16 stances shall not be affected. 17 Section 8 . The Guaranty Fund and any other like funds of 18 the City heretofore established to guarantee the payment of 19 local improvement district bonds , warrants or short-obligations 20 issued in local improvement districts , and as such may be 21 increased in the future, are hereby consolidated into a single 22 fund in the office of the City Treasurer and designated 23 Fund 643 24 25 - 4 -