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If, prior to an interest payment date of obligations secured by the guaranty fund, the City Finance Director (or other City official then responsible for overseeing the City’s funds and accounts) determines that there is insufficient money in the local improvement fund or other fund or account established to pay debt service on those obligations to pay the interest or principal and interest scheduled to come due on that interest payment date, then the City Finance Director (or other City official then responsible for overseeing the City’s funds and accounts) shall withdraw from the guaranty fund and apply an amount sufficient to pay that deficiency on that interest payment date. To the extent the amount available in the guaranty fund on such interest payment date is not sufficient to cure the deficiency, the City Finance Director (or other City official then responsible for overseeing the City’s funds and accounts) shall issue interest bearing warrants drawn on the guaranty fund as prescribed by statute. This section is intended to supplement Chapter 35.54 RCW and to prevent defaults in the payment of obligations secured by the guaranty fund. (Ord. 64-03 § 9)