The city council shall prescribe rules and regulations for the maintenance and operation of the guarantee fund not inconsistent with the statute. Upon the effective date of the ordinance codified in this chapter, all monies derived from the assignment of delinquency certificates, redemptions, sale of property under foreclosure for delinquent local improvement assessments, or from the rent or sale of property, title to which has been obtained subsequent to the effective date of the ordinance codified in this chapter, shall be paid into the local improvement guarantee fund, and all delinquency certificates issued and such property acquired shall be held by the city for the benefit of the guarantee fund. Money from the guarantee fund may be used to redeem property subject to local improvement assessments from general tax delinquencies, underlying bonds or warrants guaranteed by the fund, or to purchase the property at county tax sales or otherwise, from the county, for the purpose of protecting the guarantee fund. Upon acquiring title to real property, the city may lease or sell and convey it for such price and on such terms as may be determined by the city council, and any provisions of law, or ordinance, to the contrary notwithstanding, and all proceeds resulting therefrom, shall belong to and be paid into the guarantee fund; provided, however, that in the event the city purchases the property at tax sale or otherwise, it shall not be sold for a lesser sum than the city paid for it. (Ord. 208 § 6, 1962)