The premiums, collected under this chapter shall be paid into a separate fund to be known as the “public work-relief employees’ compensation fund,” and all compensation, death benefits, and expenses for medical, nurse, and hospital services, medicine, and funerals, shall be paid out of the fund.

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Such premiums shall be collected, the moneys of the fund disbursed and the fund maintained, without regard to or reliance upon any other fund mentioned in Chapter 4123 of the Revised Code.

This section shall not prevent the deposit or investment of the moneys of the public work-relief employees’ compensation fund with the moneys of the state insurance fund provided for in Chapter 4123 of the Revised Code, but such funds shall be separate for all other purposes.