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In addition to the transfers provided for in CMC 3.60.020, the following additional sums shall from time to time be paid into the local improvement guaranty fund herein created:

(1) Interest and earnings from the local improvement guaranty fund shall be paid into the fund;

(2) Whenever any sum is paid out of the local improvement guaranty fund on account of principal or interest of a local improvement bond or warrant, the town as trustee of the fund shall be subrogated to all the rights of the holder of the bond or interest coupon or warrant so paid, and the proceeds thereof, or of the underlying assessment, shall be paid into the fund;

(3) If in any local improvement fund guaranteed by the local improvement guaranty fund, there is a surplus remaining after the payment of all outstanding bonds and warrants and other obligations of such local improvement, said surplus shall be paid into the fund. (Ord. 314 § 3, 1984)