(a) All money received from the sale of any or all of such bonds, after the payment of the charges and expenses connected with the preparation and sale thereof, shall be deposited by the Department of Finance in a state or national bank designated by New Castle County, to the credit of the County Council of New Castle County in a separate account and payments thereof shall be made in the same manner as other payments by the County Council. No part of the money thus obtained, except as in this section provided, shall be used for any other purpose than those stated in this chapter.
(b) The purchasers or holders of the bonds shall not be bound to see to or be affected by the application of the money realized from the sale of the bonds.