The State Treasurer shall be ex-officio custodian of all moneys apportioned to this State under the provisions of the said Federal Act. Such moneys shall be expended by the Department of Employment Security for the purpose of establishing and maintaining public employment offices in accordance with the provisions of the aforesaid Federal Act, and may be paid out by the State Treasurer upon the order of the Department of Labor.
     The State Treasurer shall deposit such moneys in banks which have been approved as State depositaries under the provisions of “An Act in relation to State moneys,” approved June 28, 1919, as amended, and for the safe keeping of such moneys shall take securities as provided in said Act.