Whenever any administrative department, board, or commission, whose duty it is to invest funds in securities, shall desire to bid for the whole or any part of a bond issue for which bids are invited by the issuer thereof, and the invitation to bidders require the deposit of a check or a certified check in order to validate all bids, the department, board, or commission, having the funds to invest, and having procured the approval of the Governor in writing to the bid which it proposes to make, may requisition the Auditor General to draw his warrant on the State Treasurer for such amount, payable out of the fund to be invested, as shall be necessary to validate the bid which such department, board, or commission proposes to make.

In each such case, it shall be the duty of the Auditor General promptly to draw his warrant, and of the State Treasurer promptly to issue a check, and, if necessary, have it certified by the depository against which it is drawn, in favor of the issuer of the securities in the amount of the requisition.

It shall be unlawful for any department, board, or commission to make any use of any such check, otherwise than for the purpose for which it was issued, and, if such department's, board's, or commission's bid shall not be accepted, the check shall forthwith be returned to the State Treasurer for cancellation.