The Department of Finance of the city is authorized and directed to set up and retain, as an interest guaranty fund, a sum not to exceed 5% of the total amount of any special assessment or special taxes; the fund to be held by the City Treasurer and to be used as a guarantee and to pay interest payments on any bonds issued under authority of any ordinance of the city, authorizing the construction of any local improvement by special assessment or special taxes; the fund to be reimbursed by delinquencies from time to time as and when the same are collected.
(1977 Code, § 3-6-8)