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In accordance with Chapter 35.54 RCW, the city establishes and creates a fund for the purpose of guaranteeing, to the extent of such fund, the payment of its local improvement bonds and warrants issued to pay for any local improvement ordered in local improvement districts in the city or in an area wholly or partly outside its corporate boundaries subsequent to May 27, 1956. This fund shall be known and designated as “local improvement guaranty fund.” (Ord. 5884 § 2, 2009.)