§ 7.15. Bond proceeds constitute trust fund.

The proceeds of the sale of bonds issued under the provisions of this article shall constitute a trust fund, and each issue shall be accounted for separate and apart, to be used exclusively for the purpose or purposes for which said bonds are authorized; but the purchaser of such bonds shall be under no obligation or responsibility to see to the application thereof, and the manner of an application of such proceeds shall in no way affect the rights, remedies or security and sources for payment of the holders of such bonds.