The money derived from the sale of any bonds shall be deposited by the board of supervisors with some bank or trust company in any county in the district under such conditions as the board may prescribe, and may be withdrawn from such depository when ordered by the board on check or warrant signed by the chairman and countersigned by the secretary. Such depository shall execute and deliver to the board of supervisors of the drainage district a bond with good and sufficient securities, to be approved by the board of supervisors, conditioned that the depository shall account for, safely keep, and pay over, as required by law and as ordered by the board of supervisors, any and all money received by such depository on account for the drainage district.