A fund shall be created by the district for the project and identified by a suitable title. The proceeds from the sale of bonds and any other moneys appropriated by the governing board for such purpose shall be credited to such fund. Such fund shall be used solely to pay the costs of the project. Upon payment of the principal and interest on the bonds, if any, the governing board shall have authority to spend any moneys remaining in the fund for the purpose of management and operation of the project.