When an application of a school district as provided in Section 59-21-370 has been approved by the Board, funds shall be remitted, as may be required from time to time, to the treasurer of the county of which the school district is a part. The county treasurer shall place the sum so received in a special fund to be known as "Public School Building Fund for School District No. - - " and shall pay out the money of such fund only on school warrants properly drawn by the authorities of the school district concerned and such money shall be expended in the same manner as provided by law for the expenditure of other school funds.
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