A board may expend the money raised as authorized by ORS § 777.725 in the form of a bonus or bonuses payable to the persons described by ORS § 777.715. The money shall be expended in the manner and at such times as the board determines will result in the greatest benefit and advantage to the port and will best aid the establishment and continued operation of the water transportation lines. The board may contract as may be necessary to carry into effect the purposes of ORS § 777.725. [Amended by 1971 c.728 § 100]