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HomeMy WebLinkAboutO-0253 - Local improvement guaranty fund (3.16)~.~~-C-~~-~c ORDINANCE NO.253. ,....",~.., L.I.D.GUARANTIL;FUND: AN ORDINANCE providing for a loeal improvement guaranty fund and complying with Chapter.209.of the Session Laws of the State of Washington,Regular Session 1927.' BE IT ORDAINED BY THE COU}TCIL OF THE TOWN OF N~YSVILLE: .SECTION 1.That there is hereby established for the Town of Marysville a fund.for the purpose of guaranteeing,to the extent of such fund and in the manner hereinafter provided for the payment of its local improvement bonds and warrants issued to pay for any local improvement order. SECTION 2.This fund aha.l L be designated "Local Improve- ment Guar arrty Fund II for the purpose of maintaining the same the town shall hereafter levy,from time to time,as other taxes are levied,such funds as may be necessary to meet financial requirements thereof;Provided that such sums so levied in any year shall not be more than sufficient to pay the outstanding warrants on such fund and to establish therein a balance which conillined levy in anyone year shall not exceed r tve per centum of the outstanding obligations' thereby guaranteed.The tax,levies herein authorized and directed shall be additional to and if need be the excess of any and all statu,tory limitations applicable to tax levies of the :.rovm. SECT'ION 3.Herenfter there shall be paid out of the guaranty fund any sum or account or principal or interest of any Local improvement bond or warrant,the 'I'own,as ,trustee for the fund,shall be sUbrogated to the rights of the holder of the bond or interest coupon or warrant so paid,and the proceeds thereof,or any of the assessment underlying the same,shall become a part of the guaranty fund.There shall be also paid into the guaranty fund the interest received from bank de- osits of the fund,as well as any surplus remaining in any local improvement fund,guaranteed hereunder after the pay~ ment of all outstanding bonds or warrants payable primarily out of such local improvement funds.Warrants draWing interest at the rate of not to exceed six per cent shall be isseed, as other warrants are issued by the Town,against a guaranty fund to meet any liability accruing against it;and at the time of making its annual budget and tax levy the Town shall provide for the levying of the sum SUfficient,with the other resources of the fund,to pay the warrants so issued during the preceding fiscal year;Providing that SUch warrants shall at no\time exceed five per cent of the outstanding bond obligations guaranteed by said fund.As among the several issues of bonds or warrants guaranteed by the fund no pre- ference shall exist,by the defaulted interest coupons, bonds and warrants shall be purchased out of the fund in the order of their presentation.So much of the money of a guaranty fund as is necessary may be used to purchase certi- f~cates of del inqUincy for general taxes subject to local improvement assessments,underlying bonds or warrants guar- anteed by the fund,or to purchase such property at the counjy tax foreclosure or from tg~,J(olmty after foreclosure,for the purpose of protecting the guaranty fund,said fund shall be SUbrogated to the rights of the Town,and the Town mayi'Dre_ close the lien bf general tax certificates of delinquincy and purchase the property at the foreclosure sale.After so acqUiring title to real property,the Town may lease or sell and convey the same at public or private sale for such price and on such terms as may be determined by resolution of the Town ccuno i l ,any.prOVisions of law or ordinance to the con- trary notWithstanding,and all proceeds resulting from such ?ales shall belong to and be paid into the guaranty fund. i~ I 200 SECTION 4.No im~rovement shall be paid for,in whole or in part,by local assessment where",tJ;le estimated cost of such improvement,if such cost is all to qe assessed to the property in the district,or that portion of the mstim_ a ted cost to be assessed,i:l:a portion only of said total cost is to be assessed,when added to all other outstanding and upa i d local improvement a sae s sment s against the preperty included in the district,exclud~ng penalties and interest, shall exceed the actual value of the real property,exclus_ ive of improvements thereon,within the district according to the vauation last placed upon it for the purposes of general taxation;Provided,That wJ;len a lccal improvement is petitioned for by the owners of seventy_five per cent of the area of the property within the district,and the peti_ tion requests that such limitation be exceeded,the Town Council may proceed with the improvement in the ususal manner if the property owners so petitioning,or any of them, or any person in their behalf,shall deposit with said Town a sum in cash equal to .t he amount that the estimated cost of the improvement shall exceed the liplitation hereinbefore in this section prov;ided.The sum so deposited shall be applied and credited on the assessment roll for collectfuon; Provided,further,That the Town Council may,by unanimous vote,order the construction of sanitary sewers andnecess_ ary accessories for the disposal of sewage,or for the con- struction of any sanitary fill,or for the fmlling of any street to the established grade over any tide flats or tide lands,in the manner not provided by law,where in its judgement the same are necessary for public health,and may assess a part or the whole of the cost thereof to the property benefited,~without regard to the foregoing limitation;Provided,further,That no assessment for diking, draining,san,1tary fill.or for filling any street to the established grade over any tide flats or tide lands or for storm or sanitary sewers or water mains Shall be included in any computation of outstanding assessments under the provisions of this sect~on. Before ordering any improvement hereunder the Town Council shall require and receive a report from the proper board,officer or authority designa;ted by charter or ordin_ ance,certifying in detail the local improvement assessments outstanding and unpaid.against the property in the proposed district together with the aggregate of the actual value of the real property.in the district,e«clusiveof improvements thereon,according to the valuation last placed upon it for purpose of general taxation.In the absence of fraud or gross mistake,such certificate shall be final and con_ clusive,in computing the valuation of property in the dis_ trict any non_assessable railroad operating property or property owned by the United States or the state or a county, city,town,shhool district or other public corporation, shall be valued at the same rate as assessed.property similarly situated. SECTION 5.Neither the holder nor the owner of any bond or warrant issued under the provisions of Chapter 209, Session Laws of the State of Washington,Regular Session, 1927,shall have any claim therefor against the Town by which the same is issued,except for payment from the special assessment made for the improvement for which said bond or warrant was issued,and except as against the local improvement guaranty fund of the. Town,and the Town shall not be liable to any holder or owner of such bond or warrant for any loss to the guaranty fund occuring in the lawful operation thereof by the Town. The remedy of the holder or owner ofa bond,or warrnat in case of non-payment, shall be confined to the enforcement of the assessment and to the guaranty fund.A copy of the foregoing part of this section shall be plainly written,printed or engraved on each bond issued and guaranteeing hereunder,and the writing, printing or engraving shall be deemed sufficiant compliance with the reqUirements of section 9405 of Remington's Compiled Statutes.. '- --------~-~-- Passed and approved Attest:W.S.Meyers,Tow Il qler1\:. this 15th day of August,1927. ,Mayor.