(1) The Treasurer of State shall be the custodian of the funds of the Board of Trustees of Henderson State University, and he or she shall pay out the funds of Henderson State University only upon warrant issued by the Auditor of State.
(2) The Auditor of State shall issue warrants upon vouchers issued by the President of the Board of Trustees of Henderson State University and attested by the Secretary of the Board of Trustees of Henderson State University.
(3) All bills and accounts against the institution shall be made out and receipted in duplicate, and, when forwarding the payroll and expense list each month, the president shall also forward one (1) set of the bills and vouchers to be filed in the office of the Auditor of State and kept for public inspection.