(1) The board of trustees is authorized to designate the office of the county treasurer of the county in which the headquarters of such district is situated as the place of payment or optional place of payment of the principal of or interest on any bonds issued by any such district or to designate any commercial bank or trust company as the place of payment or optional place of payment of the principal of or interest on any bonds issued by any such district, and the commercial bank or trust company so designated may be located either within or without this state.(2) It is the duty of the board of trustees to cause sufficient moneys from said tax levy or refunding escrow account to be placed from time to time at the place of payment, or optional place of payment, designated on said bonds in an amount to satisfy the principal and interest obligations of said bonds as the same may become due and payable from time to time. It is the duty of the treasurer of said board to pay or cause to be paid the obligations of said bonds as the same may become due and payable, upon presentation of the bonds and coupons respectively evidencing such obligations, from any moneys to the credit of the

be paid the obligations of said bonds as the same may become due and payable, upon presentation of the bonds and coupons respectively evidencing such obligations, from any moneys to the credit of the appropriate account available for that purpose.L. 75: Entire article added, p. 774, § 1, effective July 1. L. 86: Entire section amended, p. 866, § 57, effective July 1.