The proceeds of all bonds or other obligations issued under this law and all revenues
derived from the operation of any water system or sewer system for the payment of
all or part of the cost of which any bonds or other obligations authorized by this
law 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,
general obligation bonds or other obligations issued pursuant to this law, and the
district 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.
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