(a) The State Bond Commission shall have the power, in accordance with the provisions of this chapter, from time to time, to authorize the issuance of bonds of the state in one or more series and in principal amounts not exceeding in the aggregate four million two hundred fifty-three thousand three hundred forty-eight dollars.
(b) The proceeds of the sale of said bonds shall be used for the purpose of making grants to municipalities to finance emergency municipal public works employment projects as hereinafter provided.