Warrants drawing interest at a rate to be fixed by the city clerk/treasurer, as issuing officer, under the direction of the city council, shall be issued, as other warrants are issued by the city, against the local improvement guaranty fund to meet any liability accruing against it. At the time of making its annual budget and tax levy, the city shall provide for the levying of a sum sufficient, with the other resources of the fund, to pay warrants so issued during the preceding fiscal year. Such warrants at no time shall exceed five percent of the outstanding obligations guaranteed by the guaranty fund. (Ord. 542 § 4, 1985).