All monies and investments on deposit in the special funds heretofore established for the payment of principal and interest on all outstanding general obligation improvement bonds of the city issued prior to April 15, 1975, pursuant to Minnesota statutes chapter 429, and all future collections of special assessments and taxes pledged and appropriated to such funds, are hereby appropriated to and shall be deposited in the consolidated improvement bond debt service fund. Such deposit shall be subject to the rights of the holders of such bonds to have the monies and investments in the special funds established for the respective issues and future collections of special assessments and taxes heretofore pledged and appropriated to such funds applied to the payment of principal and interest on the bonds payable from such funds in accordance with the respective resolutions authorizing and providing security for the payment of the same. (1981 Code 110 § 2)