The net proceeds of bonds, other than refunding bonds, exclusive of costs of issuance, reserves and any other financing charges, shall be transferred by the authority to the State Treasurer for deposit into a restricted account established in the State Treasury and held solely for the purposes under section 1102-B(b)¹ to be known as the County Voting Apparatus Reimbursement Account. The department shall pay out the bond proceeds to the counties from the account in accordance with this article.