When such bonds shall have been duly signed and countersigned, and registered, the same shall be deposited with the treasurer of such district, and by the board of commissioners of the district negotiated and sold for not less than par value; and the proceeds arising from the sale of said bonds shall be deposited with the treasurer of such district and shall be devoted to the construction of the works for which said bonds shall be issued. The provisions of Kan. Stat. Ann. § 42-370 shall not apply to the bonds issued under this act, or the receipts therefrom.