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Except as herein provided, the moneys in said local improvement guarantee fund shall be used only for the purpose of paying up delinquent bonds, interest coupons and warrants issued by said city for the payment of expenses of local improvement districts; and the City of Snohomish does not obligate itself or guaranty the payment of said local improvement bonds, or warrants, except there be a sufficient amount levied for or in said fund sufficient to pay such delinquent local improvement bonds, interest coupons or warrants, as provided for in this chapter, and in RCW Chapter 35.54. (Ord. 568, 1927)