The fact of the issuance and delivery of refunding bonds hereunder shall be certified by the clerk of the board of supervisors to the state Treasurer, who shall immediately register such bonds in a suitable bond register. Thereafter, the revenues and taxes which would otherwise be paid into the county treasury of such county for the payment of road protection and seawall bonds and interest thereon under the provisions of Section 65-33-45, shall be paid by the official collecting such taxes into the state treasury on a proper receive warrant of the state auditor to the credit of such county in a special fund to be designated “interest and sinking fund for road protection and seawall bonds of ____ County, Mississippi,” which fund shall be held and shall be applied by the state treasurer in the payment of interest accruing on such refunding bonds and the principal thereof at maturity, according to law. In the event that less than all of outstanding bonds payable under the provisions of this chapter shall be refunded as herein provided, then and in that event there shall be paid into the state treasury, for the credit of the aforesaid interest and sinking fund, only the proportion of the revenues and taxes as the amount of refunding bonds issued and outstanding bears to the total amount of outstanding bonds payable from the revenues herein referred to.
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