(1) The county treasurer of the county in which the district is headquartered may accept deposits of bonds, warrants or other evidences of indebtedness of irrigation and drainage districts under the process of reorganization, pursuant to the provisions of ORS 545.629 to 545.639, or as may otherwise be provided by law.
(2) The county treasurer shall deposit such bonds, warrants or other evidences of indebtedness with the State Treasurer, to be held by the State Treasurer in safekeeping.