Section 980-L. Expenditure of district funds

(a) The proceeds of any charge
  imposed  pursuant  to  this  article  shall  be held by the chief fiscal
  officer and shall be separately accounted for in the books  and  records
  of  the  municipality.  None  of the proceeds collected pursuant to this
  article shall be used for any purposes other than those set forth in the
  district plan. These funds may be paid  out  for  district  purposes  in
  accordance  with  the  general procedures for payment of other municipal
  expenditures.
    (b) All contracts for improvements, goods or services to  be  provided
  in the district shall be subject to all applicable provisions of the law
  relating to the letting of contracts by the municipality.