Revised Code of Washington - RCW Title 35 Cities And Towns - Section 35.37.120 General indebtedness bonds -- Taxation -- Failure to levy -- Remedy

§ 35.37.120. General indebtedness bonds -- Taxation -- Failure to levy -- Remedy

If the council of any city or town which has issued general indebtedness bonds fails to make any levy necessary to make principal or interest payments due on the bonds, the owner of any bond or interest payment which has been presented to the treasurer and payment thereof refused because of the failure to make a levy may file the bond together with any unpaid coupons with the county auditor, taking his receipt therefor.

The county auditor shall register bonds so filed, and the county legislative authority at its next session at which it levies the annual county tax shall add to the city's or town's levy a sum sufficient to realize the amount of principal and interest past due and to become due prior to the next annual levy to be collected and held by the county treasurer and paid out only upon warrants drawn by the county auditor as the payments mature in favor of the owner of the bond as shown by the auditor's register. Similar levies shall be made in each succeeding year until the bonds and any coupons or interest payments are fully satisfied.

This remedy is alternative and in addition to any other remedy which the owner of such a bond or coupon may have.

[1983 c 167 § 38; 1965 c 7 § 35.37.120. Prior: 1891 c 128 § 9; RRS § 9547.]

     Liberal construction -- Severability -- 1983 c 167: See RCW 39.46.010 and note following.

Sections:  Previous  35.37.010  35.37.020  35.37.027  35.37.030  35.37.040  35.37.050  35.37.090  35.37.110  35.37.120

Last modified: April 7, 2009