There shall be levied from time to time as other taxes are levied such sums as may be necessary to meet the financial requirements of the local improvement guaranty fund created by this chapter; and whenever the City shall have paid out of the guaranty fund any sum on account of principal and interest on a local improvement bond hereunder guaranteed, the City, as trustee for such fund, shall be subrogated to all of the rights of the holder of the bond or interest coupon so paid and the proceeds thereof shall become a part of the fund. [Ord. 3557 § 19, 2002; Code 1970 § 3.08.020; Code 1954 § 2-13.08.]