There is transferred to the guaranty fund established in Section 24 all the assets of the guaranty fund created by ordinance of the city, or of any other local improvement guaranty fund created by ordinance of the city pursuant to Chapter 138 of the Laws of 1917 or Chapter 141 of the Laws of 1923, and all bonds guaranteed by the former fund or funds shall be guaranteed by the fund created by Section 25 in accordance with the provisions of this chapter and of Chapter 209 of the Laws of 1927, as amended. (Ord. 1337, §25, 1980).