35.47.010 - Distribution of moneys in local improvement funds to holders of bonds and warrants -- Notice -- Time limitation -- Abandonment and transfer to general fund. - Washington Statutes

Distribution of moneys in local improvement funds to holders of bonds and warrants — Notice — Time limitation — Abandonment and transfer to general fund.

Any city or town having any outstanding and unpaid local improvement bonds or warrants issued in connection with a local improvement therein to which the local guaranty fund law is not applicable and that have been delinquent for more than fifteen years, by ordinance, may direct that the money, if any, remaining in a given local improvement fund for which no real property is held in trust shall be distributed by the city or town on a pro rata basis, without any reference to numerical order, to the holders of outstanding bonds or warrants for each such fund, excluding the accrued interest thereon. If the outstanding bonds or warrants are not presented for payment within one year after the last date of publication of notice provided for herein, the money being held in the local improvement fund of a city or town shall be deemed abandoned, and shall be transferred to the city or town general fund: PROVIDED, That the city or town shall publish a notice once each week for two successive weeks in the official newspaper of the city or town in which it is indicated that L.I.D. bonds for . . . . . . L.I.D. improvement Nos. . . . . to . . . . inclusive must be presented to the city or town for payment not later than one year from this date or the money being held in the local improvement fund of the city or town shall be transferred to the city or town general fund.

[1985 c 469 § 31; 1965 ex.s. c 6 § 1.]