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Receipt, Deposit and Payment of District Funds. - The treasurer shall receive, to the credit of the district and in trust for its use and benefit, all monies belonging to the district. Any monies belonging to the district shall, where practicable, be deposited by the treasurer in the Philippines National Bank, except for the payment of bonds and interest thereon, district money shall be paid out only upon a warrant therefor drawn and executed by authorized officers of the district.
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