HomeMy WebLinkAboutO-1756 - Adds Sec. 3.60.065; repeals and replaces Sec. 3.16.020 and 3.16.030, local improvement guaranty fund; repeals Sec. 3.16.040 and 3.16.050 (Repealed by 2937).'---~.,.
CIT Y 0 F MAR Y S V ILL E
Marysville,Washington
ORDINANCE NO.17 5 t:,
AN ORDINANCE OF THE CITY OF MARYSVILLE RELATING TO THE
FUNDING OF THE LOCAL IMPROVEMENT GUARANTY FUND;
REPEALING SECTIONS 3.16.020,3.16.030,3.16.040 AND
3.16.050 OF THE MARYSVILLE MUNICIPAL CODE;AND ENACTING
A NEW SECTION 3.60.065 REQUIRING EACH LID TO CONTRIBUTE
TO THE GUARANTY FUND.
THE CITY COUNCIL OF THE CITY OF MARYSVILLE,WASHINGTON DO
ORDAIN AS FOLLOWS:
section 1.sections 3.16.020,3.16.030,3.16.040 and
3.16.050 of the Marysville Municipal Code are hereby REPEALED.
section 2.A new section 3.16.020 of the Marysville
Municipal Code is hereby enacted to provide as follows:
3.16.020 Statutes Incorporated by Reference.The
following State statutes,including any amendments of
the same which may hereinafter be enacted by the
Washington State Legislature,are hereby incorporated
into the Marysville Municipal Code by reference:
RCW 35.54.030:Source--Interest
and Earnings
RCW 35.54.040:Source--Subrogation
Rights to Assessments
RCW 35.54.050:Source--Surplus
from Improvement Funds
RCW 35.54.060:Source--Taxation
RCW 35.54.070:Use of Fund--
Purchase of Bonds,Coupons and
Warrants
RCW 35.54.080:Use of Fund--
Purchase of General Tax Certifi-
cates or Property on or After
Foreclosure--Disposition
RCW 35.54.090:Warrants Against
Fund
RCW 35.54.095:Transfer of Assets
to General Fund
ORDINANCE - 1
RCW 35.54.100:Deferral of
Collection of Assessments for
Economically Disadvantaged Persons
section 3.A new section 3.16.030 of the Marysville
Municipal Code is hereby enacted to provide as follows:
3.16.030 Additional Sources of Funds.The
aggregate of the final assessment roll for each Local
Improvement District may be increased by a surcharge
in an amount up to ten percent (10%)of the same,and
said surcharge,upon collection,shall be deposited in
the Local Improvement Guaranty Fund.
As an alternative to an assessment surcharge,
property owners within a Local Improvement District
may,at their initiative,provide the City with letters
of credit or other similar security satisfactory to the
City for the purpose of guaranteeing the bonds issued
for their LID.
section 4.A new section 3.60.065 of the Marysville
Municipal Code is hereby enacted to provide as follows:
3.60.065 Additional Assessment.The aggregate of
the assessment roll for each Local Improvement District
may be increased by a surcharge in an amount up to ten
percent (10%)of the same,and said surcharge,upon
collection,shall be deposited in the Local Improvement
Guaranty Fund.Any property owner who pays its LID
assessment in full prior to the issuance by the City of
LID bonds,shall have its assessment discounted by the
surcharge applicable thereto.
As an alternative to an assessment surcharge,
property owners within a Local Improvement District
may,at their initiative,provide the City with letters
of credit or other similar security satisfactory to the
city for the purpose of guaranteeing the bonds issued
for their LID.
~PASSED by the City Council and APPROVED by the Mayor this
8"day of :0P.n <-<-A-,...::r-'1990 •
CITY OF MARYSVILLE
MAYOR
ORDINANCE - 2
Attest:
Approved as to form:
BY~
Date of Publication:/-/O-9CJ
Effective Date (5 days after publication):
ORDINANCE - 3
t -/5-9CJ