The local improvement guaranty fund shall constitute a reserve from which defaulted interest coupons, bonds and warrants guaranteed thereby can be purchased, and warrants drawing interest at a rate not to exceed six percent shall be issued against the guaranty fund to meet any liabilities accruing against it. Warrants on the local improvement guaranty fund shall be numbered serially in the order of their issuance. (Ord. 1337, §27, 1980).