RCW 88.32.140
Bonds -- Issuance -- Sale -- Form.(1) In all cases,
the county, as the agent of the local improvement district, shall,
by resolution of its county legislative authority, cause to be
issued in the name of the county, the bonds for such local
improvement district for the whole estimated cost of such
improvement, less such amounts as shall have been paid within the
thirty days provided for redemption, as hereinabove specified. Such bonds shall be called "Local Improvement Bonds, District No.
. . . ., County of . . . . . ., State of Washington", and shall be
payable not more than ten years after date, and shall be subject to
annual call by the county treasurer, in such manner and amounts as
he may have cash on hand to pay the same in the respective local
improvement fund from which such bonds are payable, interest to be
paid at the office of the county treasurer. Such bonds shall be
issued and delivered to the contractor for the work from month to
month in such amounts as the engineer of the government, in charge
of the improvement, shall certify to be due on account of work
performed, or, if said county legislative authority resolves so to
do, such bonds may be offered for sale after thirty days public
notice thereof given, to be delivered to the highest bidder
therefor, but in no case shall such bonds be sold for less than
par, the proceeds to be applied in payment for such improvement:
PROVIDED, That unless the contractor for the work shall agree to
take such bonds in payment for his work at par, such work shall not
be begun until the bonds shall have been sold and the proceeds
shall have been paid into a fund to be called "Local Improvement
Fund No. . . . ., County of . . . . . .", and the owner or owners
of such bonds shall look only to such fund for the payment of
either the principal or interest of such bonds.
Such bonds shall be issued in denominations of one hundred
dollars each, and shall be substantially in the following form:
"Local Improvement Bond, District Number . . . . of the County
of . . . . . ., State of Washington.
This bond is not a general debt of the county of . . . . . .
and has not been authorized by the voters of said county as a part
of its general indebtedness. It is issued in pursuance of an act
of the legislature of the state of Washington, passed the . . . .
day of . . . . . . A.D. 1907, and is a charge against the fund
herein specified and its issuance and sale is authorized by the
resolution of the county legislative authority, passed on the
. . . . day of . . . . . . A.D. 1907. The county of . . . . . .,
a municipal corporation of the state of Washington, hereby promises
to pay to . . . . . ., or bearer, one hundred dollars, lawful money
of the United States of America, out of the fund established by
resolution of the county legislative authority on the . . . . day
of . . . . . ., A.D. 19. . ., and known as local improvement fund
district number . . . . of . . . . . . county, and not otherwise.
"This bond is payable ten years after date, and is subject to
annual call by the county treasurer at the expiration of any year
before maturity in such manner and amounts as he may have cash on
hand to pay the same in the said fund from which the same is
payable, and shall bear interest at the rate of . . . . percent per
annum, payable semiannually; both principal and interest payable at
the office of the county treasurer. The county legislative
authority of said county, as the agent of said local improvement
district No. . . . ., established by resolution No. . . . ., has
caused this bond to be issued in the name of said county, as the
bond of said local improvement district, the proceeds thereof to be
applied in part payment of so much of the cost of the improvement
of the rivers, lakes, canals or harbors of . . . . . . county,
under resolution No. . . . ., as is to be borne by the owners of
property in said local improvement district, and the said local
improvement fund, district No. . . . . of . . . . . . county, has
been established by resolution for said purpose; and the owner or
owners of this bond shall look only to said fund for the payment of
either the principal or interest of this bond.
"The call for the payment of this bond or any bond, issued on
account of said improvement, may be made by the county treasurer by
publishing the same in an official newspaper of the county for ten
consecutive issues, beginning not more than twenty days before the
expiration of any year from date hereof, and if such call be made,
interest on this bond shall cease at the date named in such call.
"This bond is one of a series of . . . . . . bonds,
aggregating in all the principal sum of . . . . . . dollars, issued
for said local improvement district, all of which bonds are subject
to the same terms and conditions as herein expressed.
"In witness whereof the said county of . . . . . . has caused
these presents to be signed by its chairman of its county
legislative authority, and countersigned by its county auditor and
sealed with its corporate seal, attested by its county clerk, this
. . . . day of . . . . . ., in the year of our Lord one thousand
nine hundred and . . . . . . . . .
Countersigned, . . . . . . County Auditor.
Attest, . . . . . . Clerk."
The bonds may be in any form, including bearer bonds or
registered bonds as provided in RCW 39.46.030.
(2) Notwithstanding subsection (1) of this section, such bonds
may be issued and sold in accordance with chapter 39.46 RCW.[1983
c 167 § 245; 1970 ex.s. c 56 § 101; 1969 ex.s. c 232 § 60; 1907 c
236 § 10; RRS § 9678. Formerly RCW 88.32.140 and 88.32.150.]
NOTES:
Liberal construction -- Severability -- 1983 c 167: See RCW 39.46.010 and note following.
Purpose -- 1970 ex.s. c 56: See note following RCW 39.52.020.
Validation -- Saving -- Severability -- 1969 ex.s. c 232: See notes
following RCW 39.52.020.