The treasurer shall establish for the district a general obligation bond fund and a general fund and shall apportion the district money to the funds as follows:
(a) To the general obligation bond fund, that portion of the money received from the collection of assessments or from the sale of property for delinquent assessments which bears the same proportion to the total amount received from the collection of assessments or from the sale of property for delinquent assessments as that portion of the estimate of the board on which the assessment was based which is required for the payment of general obligation bonds and the interest thereon bears to the whole amount of the estimate.
(b) To the general fund, the balance of all money received.
(Added by Stats. 1951, Ch. 390.)