1-8-3: WARRANTS DRAWN AGAINST FUND, PROCEDURES:

Whenever a bond or warrant issued for and drawn against any local improvement district fund is presented to the county treasurer for payment and there is not a sufficient sum of monies in the particular local improvement district fund by which to pay said bond or warrant together with interest, the treasurer may issue and draw warrants upon and against the local improvement guarantee fund, which warrants when presented to the treasurer for payment, if not paid, shall be registered and draw interest at a rate to be fixed by the board. Warrants drawing and bearing interest as herein provided may be issued against said local improvement guarantee fund to meet any financial liability against said fund, but the board, at the time of making its annual levy, shall provide for a levy of a sum sufficient with other resources of said local improvement guarantee fund to pay warrants so issued and outstanding, the tax for this purpose not to exceed one mill in any one year and shall be in addition to any and all other statutory and ordinance limitations. In lieu of issuing warrants as aforesaid, the board, whenever there is not a sufficient amount of monies in said local improvement guarantee fund at any time to pay any and all warrants together with interest thereon drawn against the local improvement guarantee fund, may replenish said fund by transferring or appropriating to it monies from the general fund of the county or any other available source as may be determined by the board, subject to the limitations of this chapter. (Ord. 117, 8-12-1981)