The general treasurer is hereby directed to deposit the proceeds of the sale of the bonds, including any premium or premiums and any accrued interest which may be received from the sale thereof, in one or more of the depositories in which the funds of the state may be lawfully kept, in an account to be known as “Sewage System and Water Supply Failure Fund” to be used as follows:

(1)  For the purposes of this chapter;

(2)  As prescribed in this chapter in the case of premiums or accrued interest.