US Laws, Codes, Statutes & Cases

                                  TITLE  50
                            MUNICIPAL CORPORATIONS
                                  CHAPTER 17
                          LOCAL IMPROVEMENT DISTRICT
                            CODE -- GUARANTEE FUND
    50-1763.  BONDS, WARRANTS AND COUPONS, WHEN PAID OUT OF FUND -- NONPAYMENT
FOR WANT OF FUNDS -- INTEREST. Whenever any municipality has established such
"Local Improvement Guarantee Fund," any bond, warrant or coupon drawn against
any local improvement fund is presented to the municipality for payment and
there is not sufficient amount in said local improvement fund against which to
draw to pay the same, unless otherwise requested by the holder, payment
therefor shall be made by warrant drawn against the "Local Improvement
Guarantee Fund." Such warrants when presented to the city treasurer for
payment, if not paid, shall be registered and draw interest at a rate as may
be fixed by the council. Neither the holder nor the owner of any bond or
warrant issued under the provisions of this act shall have any claim therefor,
except for payment from the special assessments made for the improvement for
which said bond or warrant was issued, and except as against the "Local
Improvement Guarantee Fund" herein provided, and the municipality shall not be
liable to any holder or owner of such bond or warrant for any loss to the
guarantee fund occurring in the lawful operation thereof by the municipality.