The portion of the proceeds of such levy offered for premiums shall be offered annually for the purposes set out in, and in accordance with, the provisions of sections 262.500 to 262.540. For the purpose of administering the premium fund, authorized by sections 262.500 to 262.540, the county commission is hereby authorized and directed to appoint and designate the secretary of such fair, without salary or other compensation as the agent of the county commission, in the payment of said premiums, which premiums shall be paid by warrants drawn in the same manner as in case of warrants for ordinary running expenses of the county, such warrants to be drawn in favor of the persons entitled thereto and turned over to the secretary of such fair for distribution.