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Whenever any payment of a local improvement district assessment is deferred pursuant to RCW 35.43.250 and the ordinance forming the LID, the deferred assessment shall be paid out of the local improvement guaranty fund, which fund shall have a lien on the property benefited in an amount equal to the amount deferred together with interest thereon as provided by the establishing ordinance and pursuant to RCW 35.54.100 and 35.43.250. [Ord. 9536, 1986].