The money derived from the sale of any of the bonds shall be received by the State Treasurer and placed to the credit of the following funds in the following manner:
(a) An amount equal to the accrued interest on the bonds so sold to the date of sale shall be placed by the State Treasurer to the credit of the bond fund of the assessment upon which the bonds are based.
(b) All other money derived from the sale of any of the bonds shall be placed to the credit of the drainage district in a fund designated as the “Construction fund of (giving the name and number of the assessment upon which the bonds are based),” and may be drawn and expended upon warrants drawn by the Controller at the request of the board upon and payable out of the construction fund in the same manner as provided in Part 4 of this division, with reference to the expenditure of moneys collected upon assessments.
(Added by Stats. 1943, Ch. 369.)