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• <br /> Section 2 . The money held in the Guaranty Fund may be <br /> 1 <br /> invested in any lawful investment of City funds and the City <br /> 2 <br /> Treasurer is authorized and directed to pay into the Guaranty <br /> 3 <br /> Fund all interest received from the investment of money on <br /> 4 <br /> deposit in the Guaranty Fund as well as any surplus remaining in <br /> 5 <br /> any local improvement fund after the payment of all outstanding <br /> 6 <br /> bonds, warrants or other short-term financing payable out of <br /> 7 <br /> such local improvement fund. <br /> 8 <br /> Section 3 . (a) Whenever any bond, warrant or other short- <br /> 9 <br /> term obligation guaranteed under the provisions of the laws of <br /> 10 <br /> the State of Washington in pursuance of which this ordinance is <br /> 11 <br /> passed shall be in default, upon the presentment and delivery of <br /> 12 <br /> any such defaulted bond, warrant or other short-term obligation, <br /> 13 <br /> the City Treasurer shall purchase the same by executing, duly <br /> 14 <br /> issuing and delivering a warrant drawn on the Guaranty Fund to <br /> 15 <br /> the person presenting the same, and the City Treasurer shall <br /> 16 <br /> honor and pay a warrant on the Guaranty Fund in such amount as <br /> 17 <br /> may be necessary to pay in full any such bond, warrant or other <br /> 18 <br /> short-term obligation with any interest to be held for the bene- <br /> 19 <br /> fit of the Guaranty Fund. If more than one bond, warrant or <br /> 20 <br /> other short-term obligation is so presented, they shall be pur- <br /> 21 <br /> chased in their order of presentment . <br /> 22 <br /> (b) Whenever any interest payment guaranteed under <br /> 23 <br /> the laws of the State of Washington in pursuance of which this <br /> 24 <br /> ordinance is passed shall be in default, upon the presentment <br /> 25 <br /> - 2 - <br />