There is established in the city a fund designated as the local improvement guaranty fund for the purpose of guaranteeing, to the extent of the fund, the payment of the city’s local improvement bonds and warrants issued to pay for any local improvement ordered in the city or in any area wholly or partly outside its corporate boundaries. The rules and regulations for the maintenance and operation of the guaranty fund are established by BMC 3.04.030 through 3.04.100. (Ord. 855 § 1, 1977).