Revised Code of Washington Chapter 35.54 — Local Improvements—Guaranty Funds

Washington · statute · Wash. Rev. Code ch. 35.54 · 12 active provisions

Wash. Rev. Code § 35.54.010

Establishment

(1) There is established in every city and town a fund to be designated the "local improvement guaranty fund" for the purpose of guaranteeing, to the extent of the fund, the payment of its local improvement bonds and warrants or other short-term obligations issued to pay for any local improvement ordered in the city or…

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.020

Rules and regulations

Every city and town operating under the provisions of this chapter shall prescribe by ordinance appropriate rules and regulations for the maintenance and operation of the guaranty fund not inconsistent with the provisions of this chapter.

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.030

Source—Interest and earnings

Interest and earnings from the local improvement guaranty fund shall be paid into the fund.

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.040

Source—Subrogation rights to assessments

Whenever any sum is paid out of the local improvement guaranty fund on account of principal or interest of a local improvement bond or warrant, the city or town as trustee of the fund shall be subrogated to all the rights of the holder of the bond or interest coupon or warrant so paid, and the proceeds thereof, or of t…

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.050

Source—Surplus from improvement funds

If in any local improvement fund guaranteed by a local improvement guaranty fund there is a surplus remaining after the payment of all outstanding bonds and warrants payable therefrom, it shall be paid into the local improvement guaranty fund.

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.060

Source—Taxation

For the purpose of maintaining the local improvement guaranty fund, every city and town shall, at the time of making its annual budget and tax levy, provide for the levy of a sum sufficient, with the other sources of the fund, to pay the warrants issued against the fund during the preceding fiscal year and to establish…

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.070

Use of fund—Purchase of bonds, coupons and warrants

Defaulted bonds, interest coupons and warrants against local improvement funds shall be purchased out of the guaranty fund, and as between the several issues of bonds, coupons, or warrants no preference shall exist, but they shall be purchased in the order of their presentation.

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.080

Use of fund—Purchase of general tax certificates or property on or after foreclosure—Disposition

For the purpose of protecting the guaranty fund, so much of the guaranty fund as is necessary may be used to purchase certificates of delinquency for general taxes on property subject to local improvement assessments which underlie the bonds, coupons, or warrants guaranteed by the fund, or to purchase such property at…

WashingtonLocal Improvements—Guaranty Fundseffective

Property & Real Estate Taxation

Wash. Rev. Code § 35.54.090

Warrants against fund

Warrants drawing interest at a rate established by the issuing officer under the direction of the legislative authority of the city or town shall be issued against the local improvement guaranty fund to meet any liability accruing against it. The warrants so issued shall at no time exceed five percent of the outstandin…

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.095

Transfer of assets to general fund—When authorized—Payment of claims as general obligation, when

(1) Any city or town maintaining a local improvement guaranty fund under this chapter, upon certification by the city or town treasurer that the local improvement guaranty fund has sufficient funds currently on hand to meet all valid outstanding obligations of the fund and all other obligations of the fund reasonably e…

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.100

Deferral of collection of assessments for economically disadvantaged persons—Payment from guaranty fund—Lien—Payment dates for deferred obligations

Whenever payment of a local improvement district assessment is deferred pursuant to the provisions of RCW 35.43.250 the amount of the deferred assessment shall be paid out of the local improvement guaranty fund. The local improvement guaranty fund shall have a lien on the benefited property in an amount equal to the de…

WashingtonLocal Improvements—Guaranty Fundseffective

Wash. Rev. Code § 35.54.900

Construction—Chapter applicable to state registered domestic partnerships—2009 c 521

For the purposes of this chapter, the terms spouse, marriage, marital, husband, wife, widow, widower, next of kin, and family shall be interpreted as applying equally to state registered domestic partnerships or individuals in state registered domestic partnerships as well as to marital relationships and married person…

WashingtonLocal Improvements—Guaranty Fundseffective