All moneys received into the state treasury, and the interest accrued thereon from the sale of any sixteenth section of school lands or the school land warrants belonging to the various townships in the state, shall be placed to the credit of the township, and should the people of any township desire to receive for the use of the schools therein the annual interest payable by the state on funds deposited to their credit, or the annual proceeds of the loans, the parish treasurer shall, on the petition of five legal voters in any such township, order an election to be held in the township, as provided for the sale of township lands; and if a majority of any number of votes above seven are in favor of receiving annually the accruing interest it shall be paid to the treasurer of the parish for the use of the townships or districts; otherwise the interest shall be an accumulating fund to their credit until so called for.
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