The city elects to operate under the provisions of chapter 182 of the session laws of Idaho of 1947, and pursuant to the authority conferred by chapter 182 of the session laws of Washington of 1947, there is created a local improvement guarantee fund for the city designated as the "local improvement guarantee fund" of the city, for the purpose of guaranteeing, to the extent of the fund, as provided by law and by this chapter, the payment of local improvement bonds and warrants, with interest thereon, issued subsequent to July 1, 1948, by this city. (Ord. 208 § 1, 1962)