14.22.020 Purpose of LID guaranty fund.
From time to time for the purpose of maintaining the local improvement guaranty fund, the city shall, at the time of making its annual budget and tax levy, provide for the levy of a sum sufficient, when taken with other resources of the fund, to meet the financial requirements of the fund and to establish a balance therein; provided, that the levy in any one year shall not exceed the greater of:
A. Twelve percent of the outstanding local improvement district obligations guaranteed by the fund; or
B. The total amount of delinquent assessments and interest accumulated on the delinquent assessments before the levy as of September 1st each year.
Warrants drawing interest at a rate established by the city finance director, but not exceeding 15 percent, 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 outstanding obligations guaranteed by the fund. At the time of making its annual budget and tax levy, the city shall provide for the levying of a sum sufficient, with other resources of the fund, to pay warrants issued during the preceding fiscal year. [Ord. 9536, 1986].