In addition to the issuance of bonds and warrants in payment of the cost of any local
improvement, the City Council may, in the ordinance ordering any such improvement
and adopting the mode of payment, direct the issuance of local improvement installment
notes and certificates payable out of the local improvement district fund, and to
the extent provided by law from the Local Improvement Guaranty Fund, when such notes
are to be held exclusively by one or more other City funds as authorized by RCW 35.45.150.
Loans evidenced by such notes shall comply with RCW 35.45.150. The total sum of all
outstanding principal on such installment notes shall not at any time exceed $1,000,000.00.
The Director of Finance and Administrative Services may refund such installment notes
by the issuance of local improvement district bonds or consolidated local improvement
district bonds in accordance with RCW Chapter 35.45, and may transfer any such notes,
at par plus accrued interest among funds of the City.
