The state and county directors of finance may, with the consent of the governor, in the case of state funds, and of the council, in the case of county funds, use any portion of moneys belonging to any funds under their control, except pension or retirement funds, funds set aside for the redemption of bonds or the payment of interest thereon, and private trust funds, for the purpose of paying warrants drawn against any fund temporarily depleted. All sums so used shall be repaid to the credit of the fund from which taken immediately after the replenishment of such depleted fund.

Whenever there are moneys in any fund of any county, except pension or retirement funds, funds under the control of any independent board or commission, funds set aside for redemption of bonds or the payment of interest thereon, and private trust funds, which in the judgment of the director of the county are in excess of the amounts necessary for the immediate requirements of the respective funds, and where in the county director’s judgment such action will not impede the necessary or desirable financial operations of the county, the county director may, with the consent of the council, make temporary transfers or loans therefrom, without interest, to other funds of the county for undertaking public improvements for which the issuance and sale of the general obligation bonds have been duly authorized by the legislature and by the council in accordance with chapter 47. Such transfers shall be made only after passage by the council of an ordinance or resolution authorizing the public improvements. Amounts transferred under this paragraph shall not, in any county, exceed the total sum of unissued authorized bonds of the county. The funds from which the transfers or loans are made shall be reimbursed by the county director from the proceeds of the bond sales upon the eventual issuance and sale of the bonds, or by appropriations of the council.