The proceeds of the bonds, when sold, shall be deposited with one (1) or more of the trustees as directors of such district shall direct, but so the same, or any part thereof, that may be placed in the hands of a county trustee other than the trustee of the county where the proceeding is pending, may be transferred to the trustee of the county where the proceeding is pending, if deemed best, to the end that the entire fund may be paid out by the trustee on proper warrants drawn. The county mayor of the county where the proceeding is pending shall draw all warrants upon, or against the funds, or proceeds of bonds to meet lawful demands of the district, as now provided by law, and draw warrants to transfer the funds as provided in this section. But any of the trustees before receiving any of the proceeds of such bonds shall give bond to account for them as the law now provides.