Whenever the treasurer shall redeem and pay any of the securities issued under the provisions of the Eastern Sandoval County Arroyo Flood Control Act, the treasurer shall cancel the same by writing across the face thereof or stamping thereon the word “paid”, together with the date of its payment, sign the treasurer’s name thereto and transmit the same to the secretary, taking the secretary’s receipt therefor, which receipt shall be filed in the records of the authority. The secretary shall credit the treasurer on the secretary’s books for the amount so paid.