3.12.060: SOURCE AND USE OF MONIES:
   A.   After the effective date of the ordinance codified in this chapter, all money 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 by the city by reason of foreclosure of local improvement district liens, shall be paid into the local improvement guarantee fund and all delinquent certificates issued and such property as may be acquired shall be held by the city for the benefit of the guarantee fund.
   B.   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 such property at county tax sales, or otherwise, from the county for the purpose of protecting the guarantee fund, and after so acquiring title to real property, the city may lease or sell and convey the same for such price and on such terms as may be determined by the president and city council, and the proceeds resulting therefrom shall belong to and be paid into the guarantee fund; provided, however, that in the event the city purchases such property at tax sale, or otherwise, it shall not be sold for a lesser sum than the city paid therefor. (Ord. 115 § 6, 1949)