ORD 57-59 LOCAL IMPROVEMENT BONDS AND WARRANTSTOWN OF WINSLOW, WASIIINGTON
ORDINANCE NO. ~4'f
AN ORDINANCE providing for the guarantee of Local
Improvement Bonds and Warrants in the Town of Winslo?~
Washington; creating a fund for the purpose of guaran-
teeing, to the extent of such fund, bonds and warrants
issued against Local Improvement Districts therein in
accordance with Chapter 141, Laws of 1923, as amen~sd
by Chapter 183, Laws Extraordinary Session 1925, as
amended by Chapter 209, Laws of 1927, as amended by
Chapter 109, Laws of 1933, State of Washington, (being
Chapter 35.54, R.C.W.)
BE IT ORDAINED BY T~B TOWN COUNCIL OF TI~E TOWN OF WINSLOW,
WASHINGTON, as follows:
Section 1. In accordance with Chapter 141, Laws of 1923~
as amended by Chapter 183~ Laws Extraordinary Session 1925, as
amended by Chapter 209, Laws of 1927, as amended by Chapter 109,
Laws of 1933, State of Washington, (being Chapter 35.5~ RCW) fine
Town of Winslow hereby establishes and creates a'fund for the purpese
of guaranteeing, to the e~tent of such fund, the payment of its bonds
and warrants issued to pay for any local improvement ordered in local
improvement districts in the Town of Winslow, including Local Improve-
ment District No. 1 created by Ordinance No. 56, passed and approved
July 23, 1957, and any local improvement districts created subsequent
to the date of taking effect of this Ordinance. This fund shall be
known and designated as "Local Improvement Guaranty Fund".
Section ~. After the passage of this Ordinance there shall
be levied, from time to time as other taxes a?e levied, such sums as
may be necessary to meet the financial requirements of the Local Im-
provement Guaranty Fund created by this 0rdinance; and whenever
Town of Winslow shall have paid out of said "Guaranty Fund" any s~mm
on account of principal and interest on a local improvement bond or
warrant hereunder guaranteed, the Town of Winslow, as Trustee for
such fund, shall be subrogated to all of the rights of the holder of
the bond, interest coupon, or warrant so paid and the proceeds the~,eof
shall become a part of said fund.
Section 3. V~enever any interest coupon, bond or v~ar~ant
guaranteed under the provisions of the laws of the State of Washing-
ton in pursuance of which this Ordinance is passed shall be in de-
fault, the Town Clerk shall be and is hereby authorized and directed~
upon the presentation and delivery of such defaulted bond, coupon or
warrant, to execute, sign and deliver to the person or persons pre-
senting the same, in the order of their presentation, and the Treas-
urer shall honor and pay~ a warrant on the Local Improvement Guaranty
Fund in such amount as may be necessary to pay in full any suci~ coupon~
bond or warrant with any interest that may be due thereon. Any de-
faulted coupon, bond or warrant received by the Town Clerk under the
provision of this Ordinance shall be held for the benefit of said
Local Improvement Guaranty Fund.
Section ~. Warrants drawing interest at a rate not to
exceed six per cent shall be issueC~1, as other warrants are issued
by tMe Town, against the saidl~ocal Impro~ment Guaranty F~nd to
meet any liability accr~i~g ~ainst it; and at the time of makini£
its annual budget and tax levy the Town shall provide for the
levying of a sum sufficient, with the other resources of the fund, to
pay warrants so issued during the preceding fiscal year; provided,
that such warrants shall at no time exceed five per cent of the
outstanding bond obligations guaranteed by said fund.
Section 5. The Town Treasurer is hereby authorized and
directed to pay into such Local Improvement Guaranty Fund all interest
received from bank deposits of said fund, as well as any surplus re-
maining in any Local Improvement District Fund guaranteed
under said State laws after the payment of all outstanding bonds or
warrants payable primarily out of such Local Improvement District Fund.
Section 6. Neither the owner nor the holder of any bond~
interest coupon, or warrant issued against a local improvement fund
after the passage of this Ordinance shall have any claim therefor
against the ~.~wn of Wins low, except for payment from the special
a.sscssments ma~.e for the imprOVement for which said bond'or
warrant was issue~, and except ks against the Local Improvement
GuarantL~ P~nd create~ by this Ordinance, and the Town of tVinslow shall
~t be ii~ble to any ~-~older or owner of such bond, interest coupon,
:r warrant for any ~oss to the said GUaranby B.~nd occurring in thc
lawfal operatio~ thereof by th~ Town. The remedy of the holder or
owner of a bond or warra~,t in case of nonpayment shall' be confined
to the enforcement uf the assessment and to the Guaranty Fund. A
copy of this section of this Ordinance shall be plainly written~
printed or engraved on each bond issued and guaranteed hereunder,
and the writing, printing or engraving shall be deemed sufficient
compliance with the requirements of Section 35.45.01~0, Revised Code
of l.lashington.
PASSED by the Town Council at a regular meeting thereof
and APPROVED by the ~aZor of the Town of Winslow, Washington~ this
19th day of November, 1957.
ATTEST:
Town Cler~