The industrial commission, in connection with and in addition to its other powers and duties, shall act as the agent of the state for the negotiation, sale, and delivery of the bonds issued under the provisions of this chapter. It shall sell them at not less than ninety-eight percent of par value for cash in such manner and at such times as in its sound discretion it shall deem most advantageous to the interests of the state. The commission may receive all moneys paid by buyers of the bonds, upon the sale thereof, and upon receipt of the purchase price may deliver to each purchaser the bonds purchased by that purchaser according to law. The moneys so derived and received from the sale of the bonds must be placed by the commission in the funds of the Bank of North Dakota. When any bonds issued under the provisions of this chapter are sold at a premium, such moneys to the extent of the amount of such premium must be delivered to the reimbursement of the Bank of North Dakota for the expenses of conducting the work in the department.