(A) The county treasurer shall be the treasurer of the County Sinking Fund Commission, and all monies arising from the taxes and revenues collected and to be collected, for the payment of the principal and interest on any bonds issued, or notes given, by the county, or any political subdivision thereof excepting municipalities, and all funds received pursuant to existing agreements with the State Highway Department for reimbursement of outstanding bonds heretofore issued by the county shall be held by the treasurer and disbursed for the purpose for which same was collected; and the treasurer of the county shall pay over to the County Sinking Fund Commission all funds as shall be collected, for the purpose of payment of the principal and interest on any bonds, notes or other obligations of the county, or any political subdivision thereof excepting municipalities.
(B) The State Highway Department shall remit directly to the chairperson of this commission any and all funds as they accrue under and by virtue of any and all agreements, contracts and/or highway reimbursement agreements now existing or hereafter entered into between the State Highway Department and the county. The Sinking Fund Commission, as now constituted of the county, shall, immediately upon this act becoming effective, transfer to the County Sinking Fund Commission, as is set up under this act, any and all funds in their hands, bonds, notes, contracts and other obligations, together with all tax and revenue monies collected by the Sinking Fund Commission, for the payment of principal and interest of any bonds, notes or other obligations of any particular political subdivision except municipalities; and the chairperson of this commission, upon the approval of the transfer and accounting, shall give the proper officer of any Sinking Fund Commission now existing in the county, a receipt therefor.
(C) The Sinking Fund Commission, now existing in the county, shall also deliver to the commission herein created all books and records of every nature and kind.
(Acts 1945, No. 135, p. 180, § 2) (‘77 Code, § 8-7)