The municipal clerk shall be required to execute a good and sufficient bond, with sureties, and in an amount to be approved by the governing body, payable to the municipality, conditioned for the faithful performance of the duties conferred upon the clerk as collector of the assessments. The municipal clerk shall keep an accurate account of all assessment collections made by him, and shall pay to the municipal treasurer daily the amounts of the assessments collected by him. The amounts so collected and paid to the municipal treasurer shall constitute a separate, special fund to be used and applied to the payment of the bonds and interest coupons which are issued against the assessments. After the payment of all bonds and interest thereon, any surplus remaining in the fund shall be used for the purpose of repairing and maintaining any improvement for which assessments have been levied, and for no other purpose whatsoever.