§ 35.45.130. Warrants against local improvement fund authorized
Every city and town may provide by ordinance for the issuance of warrants in payment of the cost and expense of any local improvement, payable out of the local improvement district fund. The warrants shall bear interest at a rate or rates established by the issuing officer under the direction of the legislative authority of the city or town and shall be redeemed either in cash or by local improvement bonds for the same improvement authorized by ordinance.
All warrants against any local improvement fund sold by the city or town or issued to a contractor and by him sold or hypothecated for a valuable consideration shall be claims and liens against the improvement fund against which they are drawn prior and superior to any right, lien, or claim of any surety upon the bond or bonds given to the city or town by or for the contractor to secure the performance of his contract or to secure the payment of persons who have performed work thereon, furnished materials therefor, or provisions and supplies for the carrying on of the work.
[1981 c 323 § 3; 1970 ex.s. c 56 § 36; 1965 c 7 § 35.45.130. Prior: 1953 c 117 § 1; prior: 1915 c 168 § 3; 1911 c 98 § 72; 1899 c 146 § 7; RRS 9425.]
Notes:
Purpose -- 1970 ex.s. c 56: See note following RCW 39.52.020.
Sections: Previous 35.45.030 35.45.040 35.45.050 35.45.060 35.45.065 35.45.070 35.45.080 35.45.090 35.45.130 35.45.140 35.45.150 35.45.155 35.45.160 35.45.170 35.45.180 Next
Last modified: April 7, 2009