The city council, at the time of making its annual budget and tax levy, shall provide for the levy of a sum sufficient, with the other sources of the guaranty fund, to pay warrants issued against the guaranty fund during the preceding fiscal year and to maintain a balance therein. In no event shall the levy in any one year exceed the greater of twelve percent of the outstanding obligations guaranteed by the guaranty fund, or the total amount of delinquent assessments and interest accumulated on the delinquent assessments before the levy as of September 1st of that year.

The cost of providing for increases in the guaranty fund also may be included in the cost and expense to be assessed against property in any local improvement district. (Ord. 1553-89 § 1.)