§ 35.56.160. Local improvement fund -- Investment
If money accumulates in an improvement fund and is likely to lie idle waiting the maturity of the bonds against the district, the city council or commission, under proper safeguards, may invest it temporarily, or may borrow it temporarily, at a reasonable rate of interest, but when so invested or borrowed, the city shall be responsible and liable for the restoration to such fund of the money so invested or borrowed with interest thereon, whenever required for the redemption of bonds maturing against such district.
[1965 c 7 § 35.56.160. Prior: 1913 c 16 § 15; RRS § 9463.]
Sections: Previous 35.56.090 35.56.100 35.56.110 35.56.120 35.56.130 35.56.140 35.56.150 35.56.160 35.56.170 35.56.180 35.56.190 35.56.200 35.56.210 35.56.220 35.56.230 NextLast modified: April 7, 2009