Whenever any bond, warrant or note guaranteed under the provisions of the laws of the state of Washington in pursuance of which this chapter shall be in default, the city clerk/treasurer shall be and is authorized and directed, upon the presentation and delivery of such defaulted bond, warrant or note, to purchase the same by executing, duly issuing and delivering to the person or persons presenting the same, in the order of their presentation, and the city clerk/treasurer shall honor and pay, a warrant on the guaranty fund in such amount as may be necessary to pay in full any such bond, warrant or note together with any interest thereon. (Ord. 542 § 3, 1985).