A.   Created: There is hereby created and established a water and sewer capital improvement development fund. All fees collected under this chapter shall be placed in this account to be used exclusively for the uses described in subsection B of this section.
   B.   Use Of Funds: The city will hold the funds so received in a nonfiscal fund which shall be invested by the city, and the interest earnings will be added to the fund. This fund may be used by the city to pay all or any portion of the capital construction costs, including the maintenance and repair of the existing water and sewage treatment capacity, as well as the existing water and sewer lines, and including right of way acquisition and engineering fees, for future expansion of the water and sewage treatment capacity and of the water and sewer trunk lines which are or which become necessary to provide service within any area inside the city limits. The fund may also be used to meet the debt service requirements of any future bond issue which will generate capital for expansion of the water and sewage treatment capacity or for the expansion of the water and sewer trunk lines. (1993 Code § 25-34)