The board of supervisors of the county or counties designated in section 59-7-1 shall place all money so retained and collected in the county depository in the county to the credit of a fund which shall be known as a port fund, and such fund so deposited shall be used only for the maintenance, construction, promotion, advertising and general advancement of the port of entry so located in said county, and the fund shall be expended by the board of supervisors of the county for the maintenance, construction, promotion, advertisement, and general advancement of any port or ports of entry in said county or counties and the payment of any outstanding bonds and interest thereon heretofore or hereafter issued for port purposes by any municipality in which said port or ports are located as hereinafter provided.
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