§ 258-34. Bond and revenue proceeds.

The proceeds of all bonds or other obligations under this article and all revenues derived from the operation of any water system or sewer system or combined water and sewer system for the payment of all or part of the cost of which any bonds or other obligations authorized by this article have been issued shall be and constitute trust funds, and shall be used and applied only in accordance with the proceedings authorizing the issuance of any revenue bonds, assessment bonds or other obligations issued pursuant to this article, and the board may appoint trustees within or without the state, under trust agreements or indentures to hold and administer the proceeds of any such bonds or other obligations or any such revenues.

(Laws of Fla. ch. 67-1145, § 8)