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Whenever any interest coupon or bond guaranteed under the provisions of the laws of the State of Washington in pursuance of which this chapter is enacted is in default, the Director of Finance is authorized and directed, upon the presentation and delivery of such defaulted bond or coupon, to execute, sign and deliver to the person or persons present the same in the order of their presentation, and the Director of Finance shall honor and pay on the local improvement guaranty fund in such amount as may be necessary to pay in full with any interest that may be due thereon. Any defaulted coupon or bond received by the Director of Finance under the provisions of this chapter shall be held for the benefit of the local improvement guaranty fund. [Ord. 3557 § 20, 2002; Code 1970 § 3.08.030; Code 1954 § 2-13.08.]