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Ordinance No. 0185
CITYOPMEDINAANORDINANCEoftheCityofMadinsWashingtoneetablishlnaLocalImprovementGuarantyFundforthepurposeofuaranteeingtotheextentoftheFundthepaymentoflocalimDrovementbondsandwarrantsissuedbythecityandpreseribinrulesandregulationsforthemaintenanceandoperationorsuchFundTheCouncilortheCityofMedinaWashingtonDOORDAINaafollowsection1GuarantyFundCreatedPursuanttoChapter355oftheRevisedCodeofWaahinKtonthereisherebycreatedafundofthecitytobeknownanddesignatedasLocalImprovementGuarantyFundforthepurposeorguaranteeingtotheextentofsuchFundinthemannerprovidedbylawandthisordinancethepaymentoflocalimprovementbondsandwarrantshereafterissuedtopaythecostofimprovementsconstructedinalllocalimprovementdistrictsofthecitySection2LevyforGuarantyFundFromtimetotimehereafterforthepurposeofmaintainingtheLocalImprovementGuarantyFundtheCityshallatthetimeormakingitsannualbudgetandtaxlevyprovideforthelevyofasumsuffiientlwlthotherresourcesoftheFundtomeetthefinancialrequirementsofsuchFundprovidedthatthelevyAnanyoneyearshallnotexceedrivepercent0ftheoutstandingObligationsguaranteedbytheFundSection3WarrantsonGuarantFundWarrantsdrawiniterestatarateOrnobtoexceed6shallbeiseUedaKainsttheLocalImprovementOuarantyFundtomeetanyliabilityaccruingagainstitThewarrantssoissuedshallatnotimeXoeedfivepercent5ortheoutstandlIxoblgatlonsguaranteebyheFundASthetimeofmakinsitsannuafbudKetntaxiVitheeltxshallprovide lIifOjLthelevyingofsumsufficientwithotherresourcesoftheFundltopaywarrantssoissuedduringtheprecedingfisealyearSection4PurchaseinEventcfDefaultDefaultedbOndsinterestcouponsandwarrantsagainstlocalimprovementdisfriarfundsofthecityshallbepurchasedOutoftheGuarantyFundandasbetweentheseveralissuesofbondscouponsorwarrantsnopreferenceshallezlstbuttheyshallbepurchasedIntheorderofthelrpresentation2Section5OuarantyFundProectlonForthepurposeofprotectingtheGuarantyFundsomuchoftheGuarantyFundaslsnecessarymaybeusedtopurchasecertificatesofdelinquencyforgeneraltaxesonpropertysubjecttolocalimprovementassessmentswhichunderllethebondscouponsorwarrantsguaranteedbytheFundortopurchasesuchpropertyatcountytaxforeclosuresorfromthecountyafterforeclosureThecityastrusteeoftheFundmayforeclosethelienofgeneraltaxescertificatesofdelinquencyandpurchasethepropertyatforeclosuresaleWhendoingsothecourtcostsOoseofpublicationexpenseforclericalworkandotherexpensesincidentaltheretoshallbechargedtoandpaidfromtheLocalImprovementGuarantyFundAfteracquiringtitletopropertybpurchaseatgeneraltaxforeclosureSaleOrfromthecountyafterforeclosurethecitymayleaseitorsellitatpublicorprivatesaleatsuchpriceandonsuchtermsasmaybedeterminedbyresolutionoftheCityAnproceedsOundllshailbeontoandbetnteLocalImprovementGuarantyFundSection6CuayfeInterestandearningsfromtheLocalImprovemenGuarantyFundshallbepaidintotheFundIfinanylocalimprovemenfunduaranteebytheLocalImprovementOarantyFundthereisasurplusremainingafterthepaymentofall sandlnbondsandwarrantspayabletherefromItshallbepadinttheLocalImprovementGuarantyFundWheneveranysumispaidoutoftheLocalImprovementOuarantyFundonaccountoftheprincipalortritereStofalocalimprovementbondorwarrantthecityastrusteeoftheFundshallbeSubrogatadtoalltherightsoftheholderorthebondsorinterstsoupenorwarrant8opaidandtheproceedsthereoforoftheunderlyinassessmentshallbecomepartoftheGuarantyFundSectlon7CodeReferenceThisordinanceshallbesod1fledasSection8EffectiveDateeffectJanuary151966ThisordinanceshalltakeFASSZDbytheCouncilortheCityofMedinsWashintonandapprovedbyitsNayorataregularmeetinofsaidCouncilheldthis10thdaofJanuary1966ESTMayoraCityClerkAtItZreyCjIBERNICESOWDENCityClerkoftheCityOfMadinsWaShingtonDOHEREBYCEHTithatthefdreEing0rdinanceisatruedcorrectcopy6ffOranceNojofsaidcitydulypassedbyitsCouncilandapprovedbyitsMaorataregularmeetingofsaidCocilheldOnthe10thdayofJanuary1966