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• <br /> • <br /> 1 and delivery of the defaulted interest coupon or, in the absence <br /> 2 of coupons , proof of ownership of the bond and proof of default <br /> in the payment of interest thereon, the City Treasurer shall pay <br /> 3 <br /> such interest in the same manner as set forth in subsection 3 ( a) <br /> 4 <br /> of this ordinance for payment of bonds , warrants or other <br /> 5 <br /> short-term obligations in default . In the absence of coupons , a <br /> 6 <br /> certificate of the Bond Registrar that the interest due has not <br /> 7 <br /> 8 been paid shall be and is presumed to be adequate proof of <br /> default . <br /> 9 <br /> Section 4 . Warrants drawing interest at a rate not to <br /> 10 <br /> exceed 15% per annum shall be issued against the Guaranty Fund <br /> 11 <br /> in the same manner as other warrants of the City are issued in <br /> 12 <br /> order to meet any liability accruing against the Guaranty Fund. <br /> 13 <br /> Such warrants shall at no time exceed 5% of the outstanding <br /> 14 <br /> obligations guaranteed by the Guaranty Fund. <br /> 15 <br /> Section 5 . Upon certification by the City Treasurer that <br /> 16 <br /> the Guaranty Fund has sufficient funds currently on hand to meet <br /> 17 <br /> 18 all valid outstanding obligations of the Guaranty Fund and all <br /> 19 obligations of the Guaranty Fund reasonably expected to be <br /> incurred in the near future, the City by ordinance may provide <br /> 20 <br /> for the transfer of assets from the Guaranty Fund to the City' s <br /> 21 <br /> 22 General Fund, except that the net cash of the Guaranty Fund may <br /> 23 not be reduced by such transfer to an amount less than 10% of <br /> 24 the net outstanding obligations guaranteed by such fund. <br /> 25 <br /> - 3 - <br />