Whenever any interest coupon, bond or warrant guaranteed under the provisions of the laws of the state shall be in default, the finance director shall be and is hereby authorized and directed, upon the presentation and delivery of such defaulted bond, coupon or warrant, to execute, sign and deliver to the same person presenting the same, in the order of their presentation, and the city shall honor and pay a warrant on the local improvement guaranty fund in such amount as may be necessary to pay in full any such coupon, bond or warrant with any interest that may be due thereon. Any defaulted coupon, bond or warrant received by the finance director under the provisions of this chapter shall be held for the benefit of the local improvement guaranty fund.
(Ord. 14-421 § 1)