The bonds in the amount that may be necessary for such purpose shall be turned over and delivered to the contractor in payment of the amount due and payment of the cost of construction in accordance with the terms of his contract, including advertising, engineering and appraising costs. Bonds shall be issued to retire such interim certificates together with accrued interest thereon to the date of the bonds in the amount necessary for such purpose and shall be turned over and delivered to the owners or holders of such certificates in full payment and satisfaction thereof.
Laws 1968, c. 415, § 1325, operative July 1, 1968.