Deposit of moneys for highway work. (1) Any county, city or road district of the state or any person, firm or corporation may deposit moneys in the State Treasury or may deposit with the Department of Transportation an irrevocable letter of credit approved by the department for laying out, surveying, locating, grading, surfacing, repairing or doing other work upon any public highway within the state under the direction of the department. When any money or a letter of credit is deposited with the department under this subsection, the department shall proceed with the proposed highway project

(2) Money deposited under subsection (1) of this section shall be disbursed for the purpose for which it was deposited upon a voucher approved by the department and a warrant. [Amended by 1967 c.454 §38; 1979 c.365 §1]