There is hereby created a fund of the town of Cathlamet to be known and designated as the "local improvement guaranty fund" for the purpose of guaranteeing, to the extent of the fund and in the manner provided by law and this chapter, the payment of local improvement bonds and warrants issued to pay for any local improvement ordered in the town or in any area wholly or partly outside the town’s corporate boundaries. (Ord. 314 § 1, 1984)