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There is established in and for the City of Pullman, Washington, a “local improvement guaranty fund” for the purpose of guaranteeing to the extent of such fund and in accordance with the provisions of Chapter 35.54 of the Revised Code of Washington as it now exists or is hereafter amended, the payment of local improvement bonds and warrants issued to pay for any local improvement ordered in said City. (Ord. 81-39 §1, 1981; Ord. 491 §1, 1928).