1-8-5: MONIES AND PROPERTIES ALLOCATED TO GUARANTEE FUND:

All funds or monies derived from the assignment of delinquency certificates, redemptions, sale of property under foreclosure for delinquent assessments, or from the rent or sale of property, title to which had been obtained by the county for nonpayment of local improvement district assessment, shall be paid into the said guarantee fund. All delinquency certificates issued and all property acquired shall be held by the county for the benefit of such guarantee fund. The funds and monies belonging to said guarantee fund may be used to redeem bonds or warrants, together with interest guaranteed by the said guarantee fund, or to purchase property at county tax sales for the purpose of protecting the said guarantee fund. If the county acquires title to the property subject to local improvement assessments, it may lease or sell and convey the said property for such price and on such terms as determined by the board, and all proceeds resulting therefrom shall belong to and be paid into the said guarantee fund; provided, however, that in the event the county purchases such property at a tax sale or otherwise, it shall not be sold and conveyed for a lesser sum than the county paid. (Ord. 117, 8-12-1981)