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A. Purchase of Bonds, Coupons and Warrants. Defaulted bonds, interest coupons and warrants against local improvement funds shall be purchased out of the guaranty fund, and as between the several issues of bonds, coupons, or warrants no preference shall exist, but they shall be purchased in the order of their presentation.

B. Purchase of General Tax Certificates or Property on or After Foreclosure.

1. For the purpose of protecting the guaranty fund, so much of the guaranty fund as is necessary may be used to purchase certificates of delinquency for general taxes on property subject to local improvement assessments which underlie the bonds, coupons or warrants guaranteed by the fund, or to purchase such property at county tax foreclosures, or from the county after foreclosure.

2. The City, as trustee of the fund, may foreclose the lien of general tax certificates of delinquency and purchase the property at foreclosure sale; when doing so the court costs, costs of publication, expense for clerical work and other expenses incidental thereto shall be charged to and paid from the local improvement guaranty fund.

C. Deferral of Collection of Assessments for Economically Disadvantaged Persons. Whenever payment of a local improvement district assessment is deferred pursuant to the provisions of RCW 35.43.250, the amount of the deferred assessment shall be paid out of the local improvement guaranty fund. The local improvement guaranty fund shall have a lien on the benefitted property in an amount equal to the deferral together with interest as provided for by the establishing ordinance. (Ord. 1426 § 1 (part), 1988: Ord. 157 § 2, 1952).