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AGO Opinions with Topic: OBLIGATIONS
AGO 1964 No. 83 >  February 6, 1964
CITIES AND TOWNS - THIRD CLASS - LOCAL IMPROVEMENT DISTRICT LOCATED PARTLY OR ENTIRELY OUTSIDE CITY - OBLIGATIONS - GUARANTY FUND - ESTABLISHMENT OF WATER REVENUE FUND
CITIES AND TOWNS ‑- THIRD CLASS ‑- LOCAL IMPROVEMENT DISTRICT LOCATED PARTLY OR ENTIRELY OUTSIDE CITY ‑- OBLIGATIONS ‑- GUARANTY FUND ‑- ESTABLISHMENT OF WATER REVENUE FUND (1) The provisions of chapter 35.54 RCW (local improvement guaranty fund) are applicable to obligations issued in connection with a local improvement district located partly or entirely outside the limits of a third class city under RCW 35.43.030 as amended by chapter 56, Laws of 1963.(2) It is not legally permissible for a city of the third class to establish a fund consisting of water revenues to act as a guaranty fund for the purposes of guaranteeing unpaid bonded indebtedness of such an L.I.D.
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