Washington § 54.24.220 - Local improvement guaranty fund — Warrants to meet liabilities.

Full text of Washington Revised Code of Washington § 54.24.220 — Local improvement guaranty fund — Warrants to meet liabilities., with citation guidance and answers to common questions.

§ 54.24.220. Local improvement guaranty fund — Warrants to meet liabilities.

When a bond, warrant, or any coupon or interest payment guaranteed by the guaranty fund matures and there are not sufficient funds in the local utility district bond redemption fund to pay it, the county treasurer shall pay it from the local improvement guaranty fund of the public utility district; if there are not sufficient funds in the guaranty fund to pay it, it may be paid by issuance and delivery of a warrant upon the local improvement guaranty fund.
When the cash balance in the local improvement guaranty fund is insufficient for the required purposes, warrants drawing interest at a rate determined by the commission may be issued by the district auditor, against the fund to meet any liability accrued against it and shall issue them upon demand of the owners of any matured coupons, bonds, interest payments, and/or warrants guaranteed hereby, or to pay for any certificate of delinquency for delinquent installments of assessments as provided hereinafter. Guaranty fund warrants shall be a first lien in their order of issuance upon the guaranty fund.
[ 1983 c 167 s 153; 1981 c 156 s 19; 1957 c 150 s 3.]

Notes

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

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

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Frequently Asked Questions About Washington § 54.24.220

What does Revised Code of Washington § 54.24.220 cover?

Section 54.24.220 ("Local improvement guaranty fund — Warrants to meet liabilities.") 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.

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Is this the official text of Washington law?

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