HomeMy WebLinkAboutord1980-060DATE:
August 7 I980
n
INTRODUCED BY:
PROPOSED BY:
ORDINANCE NO. 80-66
AN ORDINANCE of the Counci
Washington, providing for
ante of a road improvement
i.ng tax levies to maintain
for payment into and draw
such fund..
ROEHL
Engineering Division
I. of Whatcom County,
the creation and maintenw
guaranty fund, authoriz-
such fund; and providing
inch of warrants against
WHEREAS, the Council of Whatcom County, Washington (the
"County Council ") has found and declared that the welfare and
best interests of the inhabitants of Whatcom County (the "County ")
and public necessity and convenience require that road improvement
districts be established from time to time in Whatcom County; and
WHEREAS A. chapter 36.88 Revised Code of Washington
authorizes the issuance of bonds and warrants for-the, payment of
all or part of the cost of improvements in such districts, and
also authorizes the establishment of a guaranty fund to guarantee
to the extent of such.fund payment of road improvement district
bonds and warrants of the County.
NOW, THEREFORE, BE IT ORDAINED by the Council of Whatcom
County, Washington as follows.
It is hereby declared that there shall be
Section 1
and ''there is hereby created in the office of the County Treasurer
of Whatcom County, Washington, a special fund known as "Whatcom
County Road Improvement Guaranty Fund" ( the "Guaranty Fund" or
the "Fund ") for the purpose of guaranteeing to the extent of such
fund, and in the manner provided in Section 36.85.220 of the
Revised Code of Washington, the payment of Whatcom County Road
Improvement District bonds and warrants issued to pay for any
read: improvement ordered by the Council.
Section 2: In order to maintain said Fund, there shall
be deposited annually in .the Guaranty Fund, from moneys available
for road purposes, such sums as may be necessary to establish and
maintain a balance therein equal to at least five percent (5 %) of
the outstanding obligations which are guaranteed by this fund;
and provision shall be made in the Whatcom County annual budget
therefor and the necessary tax levies shall be made to effectually
carry out the purposes herein declared.
Section 3. The moneys held in the Guaranty Fund may be
invested in obligations of the government of the United States
and of the State of Washington, and the interest received from
bank deposits or government securities of the Fund, as well as
any surplus remaining in any road improvement district fund after
payment of all bonds and warrants payable from said fund and
guaranteed by the Fund, -shall be' paid into the Guaranty Fund.
Section 4: Warrants drawing interest at a rate not to,
exceed. the: -rate provided in Section 36.88.2.30 Revised Code• of
Washington or other applicable laws shall be issued, as other"
warrants are issued by the County, against the Guaranty Fund is
meet any liability accruing against it. As among the seV'era:l
issues of bonds or warrants guaranteed by the Fund no preference
skull
Exist,
and defaulted
interest coupons,
bonds
and
warrants .
shall
be
purchased out of
the Fund in the
order
of
their
presentation.
Section S: The County shall not be liable to aftiy' �
E
holder or owner of any bond or warrant guaranteed by the Fund for
any loss to the Guaranty Fund occurring in the lawful operation
thereof.
Section 6: So much of the money of the Guaranty Fund
as is necessary for the purpose of protecting the Guaranty Fund
may be used to purchase bonds or warrants guaranteed by the Fund,
or,to purchase certificates of delinquency for general taxes can
property subject to road improvement assessments, or to purchase
such property at tax foreclosurgs. The Fund shall be subrogated
to the rights of the County, and the County, acting on behalf of
the Fund, may foreclose the lien of general tax certificates of
-2.-
{
c d ! flA^ 4 r
II IT I .1 /P aid t
. _
:;
M
x i
,delinquency and purchase the property at the foreclosure sale for
the account of the Fund. Whenever the County Council, shall so
cause a lien of general tax certificates of delinquency to be
foreclosed and the property to be so purchased at a foreclosure
sale, the court costs and costs of publication and expenses for
clerical work and /or* other expense incidental thereto, shall be
chargeable to and payable from the Guaranty Fund, After so
acquiring title to real property, the County may lease or sell
and convey the same at public or private sale for such price and
on such terms as may be determined by the County Council and all
proceeds resulting from such sales shall belong to and be paid
into the Guaranty Fund.
INTRODUCED this 7th
day of August, 1980.
PASSED by the Council of Whatcom County, Washington, this
21st day of August, 1980,
WHATCOM COUNTY COUNCIL
WHATCOM COUNTY, WASHINGTON
rman
ATTEST: Joan Ogden, County Auditor
& Ex- officio, Clerk of the Council
APPROVED this :.-....day of August, 1980.
Published August 14 and August 21, 1980
EFFECTIVE DATE: 9/2/80 _3-
ounty
ve
t5
nw1� b �
i� �
��, y f
M m
v \
}