Warrants; investment of educational trust funds; when authorized

Whenever the State Treasurer is authorized by the Board of Educational Lands and Funds to invest the educational trust funds of the state in state warrants, he shall pay the owner or holder of any state warrant legally drawn, upon its presentation, and surrender the amount thereof from the money under his control belonging to such trust funds, unless there be sufficient money on hand belonging to the fund upon which such warrant is drawn out of which to pay the same. When any such warrant or warrants are taken up by the State Treasurer as aforesaid, he shall register the same and they shall be taken and considered in all respects as warrants purchased by the treasurer with and for the use and benefit of the trust fund, and the same shall draw interest at the rate now provided by law for registered state warrants until such time as there shall be sufficient money in the treasury to the credit of the fund against which the warrant or warrants are drawn to pay the same.