There is established in the city a fund to be designated the "local improvement guaranty fund" in accordance with RCW 35.54.010 for the purpose of guaranteeing, to the extent of the fund, the payment of local improvement district bonds and warrants issued to pay for any local improvements ordered in the city or in any area wholly or partly outside the corporate boundaries of the city.
(Ord. 672 § 1, 1980)
All assets held by the city heretofore to guarantee local improvement bonds and warrants of the city, including but not limited to the sum of $911.44 presently held by the city clerk-treasurer for that purpose, are transferred to the local improvement guaranty fund created in LMC § 3.52.010, and all bonds or warrants guaranteed under the former fund shall be guaranteed under the provisions of this chapter.
(Ord. 672 § 2, 1980)