Whenever the friends and patrons of a public school raise, from public subscription or otherwise, a sum not less than five dollars nor more than twenty-five dollars and deposit it with the county treasurer to the credit of their school district, the county board of education, through the county superintendent of education, shall credit such district with an equal amount, to be drawn from the county board fund or, if the county board fund has been exhausted, to be drawn from the general school fund of the county. The county superintendent shall then make application to the State Superintendent of Education for an amount equal to the sum raised, by private subscription or otherwise, and deposit it with the county treasurer. All the money resulting from private subscription or otherwise, from county funds, or from State funds shall be held in the county treasury to the credit of the school district and shall be paid out upon the warrant of the board of school district trustees, duly approved and countersigned by the county superintendent of education.

Nothing herein shall prevent other funds greater than those mentioned herein being raised by private subscription and applied by the county superintendent of education to the purposes herein set forth.