The proceeds derived from the sale of the bonds herein authorized shall be deposited by the Treasurer of the Board of Education to the credit of the Board and kept in a separate fund and used solely for the purpose for which the bonds are authorized. The Board is authorized to make all contracts and execute all instruments which in its discretion may be deemed necessary or advisable to provide for the construction, furnishing, and equipment of the building, and the Treasurer is hereby directed and authorized to issue warrants against such funds for such amounts as he may from time to time find to be due upon audited itemized estimates and claims which bear the approval of the officials designated by the Board for such purpose.
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