Pursuant to the provisions of RCW Ch. 35.54, there is created in the treasury of the city a fund which shall be designated local improvement guaranty fund for the purpose of guaranteeing to the extent of such fund, and in the manner provided in RCW Ch. 35.54, the payment of local improvement bonds and warrants issued by the city. (Ord. 1337, §24, 1980; Ord. 1561, §4, 1980).