A. For the purpose of protecting the guaranty fund, so much of the guaranty fund as is necessary may be used to purchase certificates of delinquency for general taxes on property subject to local improvement assessments guaranteed by the fund, or to purchase such property at county tax foreclosures, or from the county after foreclosure.

B. The city, as trustee of the fund, may foreclose the lien of general tax certificates of delinquency and purchase the property at foreclosure sale. When doing so, the court costs, costs of publication, expenses for clerical work and other expenses incidental thereto shall be charged to and paid from the local improvement guaranty fund.

C. After acquiring title to property by purchase at general tax foreclosure sale or from the county after foreclosure, the city may lease it or sell it as provided for surplus real property by this code. All proceeds shall belong to and be paid into the local improvement guaranty fund. [Ord. 9536, 1986].