(a) Any county, municipality, or public instrumentality may, by ordinance or resolution, provide that all or any identified portion of the revenues derived by the county, municipality, or public instrumentality from all or any identified portion of the fines or penalties as defined in this subchapter shall be remitted to and deposited by the county treasurer, municipal treasurer, or public instrumentality treasurer into one (1) or more banks doing business in the county, municipality, or county or municipality in which the public instrumentality is primarily located, to the credit of a jail revenue bond fund that may be created in connection with the issuance of debt to be used solely for the purposes as provided in this subchapter.
(b) If any person charged with a felony or misdemeanor for which a fine or penalty, as defined in this subchapter, is imposed shall post bond and forfeit it upon failure to appear on the date set for trial, the entire amount or any identified portion of the bond forfeiture may be deposited into the jail revenue bond fund as provided in this subchapter.
(c)
(1) All revenues derived from the fines collected under the provisions of this subchapter are determined to be fee revenues and are declared to be cash funds.
(2) The revenues shall not be deposited into the county treasury, municipal treasury, or public instrumentality treasury but shall be deposited into the bank or banks selected by the county jail board, municipal jail board, or public instrumentality jail board.
(d) The fee revenues as provided in this section shall be collected and applied as provided in this subchapter until the principal, premiums, if any, and interest on bonds issued under this subchapter, with trustees' and paying agents' fees shall be paid or adequate provision made for their payment.