§ 20.08.030. Issuance and payment of warrants or checks.

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In order to effectuate the purposes of this chapter, the Director of Finance and Administrative Services is authorized to from time to time to draw and pay warrants drawing interest at a rate not to exceed 6-percent on the Local Improvement Guaranty Fund for the purposes contemplated in Section 20.08.010; provided, that such warrants shall at no time exceed 5-percent of the outstanding bond obligations guaranteed by the fund. Warrants on the Local Improvement Guaranty Fund shall be numbered serially in the order of their issuance. If the Local Improvement Guaranty Fund is solvent at the time payment is ordered, the Director of Finance and Administrative Services may elect to make payment by check.

(Ord. 123361, § 287, 2010; Ord. 120794 § 226, 2002: Ord. 120114 § 37, 2000: Ord. 116368 § 239, 1992: Ord. 70894 § 1, 1941: Ord. 62364 § 3, 1932.)

                    
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