In accordance with Chapter 35.54 RCW, the City establishes and creates a fund for the purpose of guaranteeing to the extent of such funds and bonds issued against local improvement districts in the City, subsequent to the date of taking effect of the ordinance codified in this chapter. This fund shall be known and designated as the local improvement district guaranty fund. [Ord. 3557 § 18, 2002; Code 1970 § 3.08.010; Code 1954 § 2-13.04.]