On or before the thirtieth day of each month, the city council of the City of Meridian shall transmit warrants constituting all of the revenues received from taxation for the prior month for purposes of support of the Meridian Junior College District to the president of the Meridian Junior College. Such warrant or warrants shall bear indication of revenues received for general support and maintenance and revenues received for capital outlay purposes. All such warrants evidencing income from the authorized tax levies shall be deposited forthwith in one (1) or more banking institutions and public depositories previously selected by the board of trustees of the Meridian Junior College District and spread upon its official minutes. Such funds shall be paid out of the depository by order of the board of trustees for lawful purposes only.
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