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Pursuant to the provisions of RCW Chapter 35.54, there is established a fund to be designated as the “local improvement guaranty fund,” for the purpose of guaranteeing, to the extent of such fund and in the manner provided by law, the payment of local improvement bonds and warrants issued by the City to pay for any local improvement ordered in the City. (Ord. 1426 § 1 (part), 1988: Ord. 157 § 1, 1952).