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There is created a fund, to be designated as the "special improvement guaranty fund," for the purpose of guaranteeing, to the extent of the fund, the payment of special improvement bonds or warrants and interest thereon, which have been or may hereafter be issued against local improvement districts for the payment of local improvements therein and for purchasing property sold to the City at tax sale or under foreclosure for delinquent special improvement taxes. Such fund shall be set up and administered in accordance with the provisions of Title 10, Chapter 16, Utah Code (as amended).
Ord. No.97-35, Recodified, 6/19/1997