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ORDIiT�-,���� �rG._L��—
�.iv Ci�DITvnNC.�, �S�'iBLIS�iIISG ��G-�� �i�.:� CITY v_T �tEi��; T:,
:� CI'iY �F i T7i' iz:�',D CI,r_SS, :.'+ ?I� Si r lE OF ':;i='�SHIi�TGTON� .A
GUr^,�i�tiiY FUi�ID, nS I'RO�IID�'�,D FOI� BY ��u�I'T�;R 209, 0�+' TI-�
��;Sr;IOi? 1.A�sv�� OF 1927.
BE Ii O�Dl�IN�D 73Y i�' CIiY CCUI�TCIL G"�' `"u'L CITY
C� RLi�iCiT, a,s follo�r�s :
Secti on 1: ihwt there i s hereby est�.blitihed for
the City of �enton w fund fcr t��e ��vey�ose of gu�r��nteein�,
ta �Y�e extent cf such iund, U.nd in trie _:_�nner ��,ereinafter
pro�ided, the �ayrnent af its loc�.l i�prcYerrient bonds �.nd
��aarrwnts i;�sued tc pay for any local im;pro�rernent crdered..
PRCVZDED: that trzis shall in no:�ise be construed to include
or wpply to any indebtedness arisin� prior to �i_1, 7�.h, 19�6.
Sectiun 2: Such fund sh�.11 be �eti��,�n:-.ted "CitS�
cf zenton Zocal Improve:uent Guara•nty �'und. " �
Section 3: Th��t there is Y�lereby lejried �ne Hundred
100
Thirty-eight and 37,�:_Doll�.rti , rrhich is the surn riece� ti<�;,ry I
to :��.eet the financi�1 requirementti of :��id funa for the II
current ;�ewr, and said levy sc authori�ed and directed i:� I
in �.ddi ticn to :�nd in exces� of �.ny and �.�11 st�.tutory Ur�c� '
chwrter limit�tions �.pplic�.ble tc the t^x le�ry of the
cv rren t ye��r of t�e Ci ty cf �en tcn.
aection 4: i�.t the City Ccuncil cf the City of
�erl�on does nereby prescribe by �rdinance approiriate
rules �.nd regul�.t�cns fo r t��e :�ain te:��nc e o C the Gu��r�.nty �
Fund as follows :
I a rt' 'T` �_", r- L•. '� �:-, -�o , a 1- ,: �
( } . llie .� �.yc�, .e �� 1,� _rea..,�� r, =�ri� �lie Cii,,,
Clerk zre hereby designated as a cc�ittee to
�.,� �o�• '�i,� -.urpase of pretectin� the guara.rty i
_'u.;:_. �:.;:w u� ��.se so mucY� of tr.e money of the fun�
:.ti is nece�ti�s=�.ry to be used to purchase certific�.tes
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�:� ue1112:,1UE:iiC;y' �Ci: ��1:f;Y'�.i t',e:i�'�2�5 OT? _�;i viiG�-Y'��' �,U'�i�] t',C i:
to lec�.i iiu�;�c�TeL.en�: ��tisessmer�ts, underlyin� bcnds
or i�.rarrants �uaranteed by the fund, or to purchwse
.�ucl: rla�y:erty �t ccunty foreclosures or from the
c��::rl t;.� �; �ter foreclotiure.
(b� .. Th�,�; the locwl imprcvement �uaranty fund
_hall be kept sepwr�te and apart from all cthel
fun�.� cf the Ci t;� ef Rentcn �=tind any and all funu.s
ccming into the �csses�icn of the City by t�..x
leTry, r eden��ti on? cr in �.ny r�,nner zr�rh�.tso ezrGr o
Such r.�oney shall �;e depcsite� to the cre�.it .._
s�.id fund irl w��id b�.nk �.nd �,ny �.nd �ti11 interes�
�thereor�, �.s n��ell �.s any �nu ��11 tiurplus rerr.�..inin�.
in any local i�proverl?ent fund guaranteed nere��r�c��t� ,
�fter �ne pG.yment cf �11 cutst�.nding bonc�� cr
�:•�.rra.nt� p�=.y��.ble prima,rily cu� of tiuch local �.� �_ �.-.��-
ment funds , �hall be and belon� to �uch fund, �.r�u
shall i�,rnediutelys upcn the same �eccming azTczll���).��- s
'pe transferred by the City ire�surer tc ��.id Fui�.��..
(c� . Th��t nc mone;, _ �. ��: _� _. �_ _ -:�... _ . _:u
exce�;t by Ordinanc.� �. __ _� " ':y �:�' ����.'c4�::�.m .
(d� . Any �.n� �11 sales of any �roperty �.c�,uire��
by �Gid fund tihall be �.nd rernG�in the property c��
. sai d fur�d, and any �.nd all property recei�ed b;�
�rirtue of s�.id fund sh�ll �e scld in the ma.nner -._;�. �
form �rescribed by Chapte� 209 of the Sessicn I:�:�--.
cf 19�7, or �uch oth�r legislatisre act �,�ti ?:�ay be I
in effect �.t the time such �aie is al�,d.
Sec�i or� 5. This f. � _s-. _��� .:__ 1:_ :_:_ ,_.;_
i'crce and effect fi�e days _ �•,: :_ =1 �_ ._ _�?• a �ti _ . ... � �- ,
appro�al �.r.d le gal �u-blic�.tion.
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- .. _ - .. �_n �. ti �� ---y uz , .� , 19�7.
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Gity Clerx.
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City nttcrney. _
�w�e af fir�� t ru�lic�.ticn:
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