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An ordinance providing I-or t'lo-.e -uarantee of J@ocai
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provernent bonds in. the I-Jity of Taco@,,,a; Creating a func,, ior the
purpose of Guaranteeing to the extent of such fund oonds isz-uea
C-
against local im-rovement dietricts for local improve'.1-i-ents,
therein; declaring the election of the 1'-@'ity of to o@erate
said guaranty fand under the provizions oi 3hapter 141, L''aws of
19-23 of the State of --Brad for t.!ae transfer of
all assets of "'.-,L-he L'ocal Improvet'lent Giuarantee Fund" created under
OrdimLnce rNo. 7567, to the -uEiranty fund created hereunder.
7 L-EAZ!, pursuan,t to Ordinance -Nlo. 7567 of the Gity of
4111 I@Lz @ Ij
Tacoma the City of' Taco-.rna Provided for the guarantee of local
improvement bonds and created a fund therefor pursuant to the
Provisions of @@hapter 138, Laws of 1917 of the State of
ton, and
the City oi f
-,-S, acoma now elects te 2aid
to opera
local imilrovet-fient --uarantea und under the 1;.,vovi-@-ions; of 3"hapter
Lavis of l9f2'35, of the State of '4`I4`ashinL.+Von, ".0'- .:Sir:,
'Lac 0it
BE I"
e Laws o
Section 1. ihat in acccruan.,- V, itt `hapt,,@T- 141
19-23, of the 'State of .ashin@,@-ton, the V- i t V 0 fTar-oiffla li-lerei@,y elects
Zecti@;n 2. @Ihat in accordance i@iith Chapter 141, L,@@ w s
of 1923 of the State of ','aehin6,-Aon 'the 0-@ity olf' '-.'Lacoma hereby
elects to establish and create a funud for the --urpose of (@,,uarantee-
in& to the extent of such fund bonds issued against local improve-
LI
U U 4-ne @asea,@4e of
districts in the Oit@ of @acoma sW-sequen@ -o
0 k-ity of Taco;-,a.
Ordinance 7567 of the
;@ection 31. There is hereoy created in the Treanury of
the "it
@.j @y of @iacoma, a fund whic@a all be known and designated as
"Local Improvement L-Tuaranty Fund".
Election 4. Ihat said Local Improvement Giuaran-LIV Fun@ shall
at no time exceed a sum equz;:.l to five per cent. of' the outstanding
0ond obligations them@y guaranteed.
Section -1-. 'I"hat all monies in and assets of '!',-,he Local
Improvement Guarantee Fund" created by Ordinance No. 7567, be and
the same are hereby transferred to the "Local Improvement C'Xiuaranty
Fund* created hereunder.
Section 6. That all bonds guaranteed un6er "The Local
Improvement Guarantee FundO created by Ordinance 7567 snall
be held and deemed to be Guaranteed under the provisions of this
ordinance.
Section 7. @hat after the oaseage of this ordinance there
shall be levied, froim time 'Lo time, as other taxes are levied, such
scums a needed to meet the financial req
2 ma Y 0 e ,uirernent2 of the
Local Improvement Guaranty Fund hereunder created; and whenever the
C;ity of Taco-,,.ia shall have ixeid out of said -;uaranty fund -any Sum on
C@
account of principal and intereet on a local improvement Dond laere-
from bank deposits thereof and frui@ all moneys collected from
local assessments the bonds aLainst 'iiih-ich are
y said
fund.
Section S. Warrants drav,@'inE interest at a rate not to
exceed &@j shall be i-.ssued a,,--,ainst said Guaranty fund to meet any
liabilities accruin-, a--ainst it, and at the time of tnakin- tfte
annual budEet an6 tax levol of the the Oity afiall provide
for the lev@jing@ of a sum sufficient, v;,ith the other resources of
the fund., to par warrants so issued durin.-_- th,e precedinf-@ fiscal
J
yeari rrovided, hoviever, that such ;@iarrants shall at no time
exceed five per cent. of the outstanding bon6 obbi,-.@,-.tions Guaranteed
by said fund.
Section 9. That neither the owner nor holder of any bond
issued after the Paesa-e of this ol,Uin---nce zila-11 ave any claim
therefor against the @@it@ of '_,_-coma, except for payment from the
special assessments made for the improvement for wnicrl said oond was
issued, and except as a,ainsclt the Local lmjp.rove@-.@@ent Guazanty
LI-
Fund created by this ordinance.
The remedy of th.e hol6er or oTiner of EUC. -CI @_@Ond in case
of non-payment shall be confined to take enforcement of sucn assess-
ment and to the -laid guarantee fund. c o pj o fthis section shall
iDe plainly written, printed or en-raved on each. ;@ond issued 'and
guaranteed, hereunder; and the writing, printin@-- or czraving of this
section upon any such bond s-hall be deemed sufficient compliance
with the requirements of Section 7392-52 of i@emin6ton 6', -SallinIgero
r@ode.
Passed TATAR 1 8 1925
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Ordinance - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Your Commissioner of -----------------------
t
7i, d
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cifully recommends that the within ordinance
t7l i@ r 5 f + respe
C el
council
1, d, d o i,, s 1,, e, d
Roll Call of the CAY t a of -.1
fl, 7a I r', s tI o c I J i @ r o ve-i e.r@ t J I -- 1-.,r i c t
On 2' 1 0 T r C, V0 711 t s eT eir
-r t
I ar I I,e-- t i @ "n, 0 @o
t C e
Z, -J
sti @Z. e c MUR i b ' "
e a el @ 9 - - - - --------------
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Referred to
.,ading-...-
Referred to ------
PASSED- M A R
Published__
Approved as to form
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Recorded in volume- -page