34. — Moneys received by a local authority under this Act shall be lodged, in the case of a local authority that is—

(a) the corporation of a county or other borough or the council of an urban district, to the credit of the municipal fund of the county borough, borough or urban district, or

(b) the council of a county, to the credit of the county fund,

and may be expended for the same purposes as other moneys credited to that fund.