Whenever the state treasurer has funds in his possession paid by the United States on account of leasing of land acquired by the United States for flood control purposes, he shall immediately remit the funds, in proportion to the area of lease land which lies in each town as shown by the comprehensive plan for flood control of the New England Division Corps of Engineers, as follows:
I. To the treasurer of the school district of those towns which are coextensive with a school district, for the benefit of the schools in the district; or
II. To the treasurer of the town of those towns with which the school district is not coextensive, for the benefit of the public roads in the town.