Washington § 35.54.095 - Transfer of assets to general fund — When authorized — Payment of claims as general obligation, when.

Full text of Washington Revised Code of Washington § 35.54.095 — Transfer of assets to general fund — When authorized — Payment of claims as general obligation, when., with citation guidance and answers to common questions.

§ 35.54.095. Transfer of assets to general fund — When authorized — Payment of claims as general obligation, when.

(1) Any city or town maintaining a local improvement guaranty fund under this chapter, upon certification by the city or town treasurer that the local improvement guaranty fund has sufficient funds currently on hand to meet all valid outstanding obligations of the fund and all other obligations of the fund reasonably expected to be incurred in the near future, may by ordinance transfer assets from such fund to its general fund. The net cash of the local improvement guaranty fund may be reduced by such transfer to an amount not less than ten percent of the net outstanding obligations guaranteed by such fund.
(2) If, at any time within five years of any transfer of assets from the local improvement guaranty fund to the general fund of a city or town, the net cash of the local improvement guaranty fund is reduced below the minimum amount specified in subsection (1) of this section, the city or town shall, to the extent of the amount transferred, pay valid claims against the local improvement guaranty fund as a general obligation of the city or town. In addition, such city or town shall pay all reasonable costs of collection necessarily incurred by the holders of valid claims against the local improvement guaranty fund.
[ 1979 c 55 s 1.]

Source: official Washington text · Last verified 2026-08-27

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Frequently Asked Questions About Washington § 35.54.095

What does Revised Code of Washington § 35.54.095 cover?

Section 35.54.095 ("Transfer of assets to general fund — When authorized — Payment of claims as general obligation, when.") is part of the Revised Code of Washington, the codified statutory law of Washington. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.

How do I cite Washington § 35.54.095?

A common citation format is "Revised Code of Washington § 35.54.095" (Washington). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.

Is this the official text of Washington law?

No. This page is for research and education and may not include the most recent amendments. For official current law, check the Washington official source linked on this page or consult a licensed Washington attorney.

How does Washington § 35.54.095 apply to my situation?

Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Washington can advise on how this section applies to you. Contact your state or local bar association for a referral.

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