(A) The revenue received by the village from the water connection tap-on fee and sewer connection tap-on fee shall be deposited in the existing Waterworks and Sewerage Fund of the village.
(B) The revenue received by the village from the “water and sewer expansion connection fee” shall be used by the village for its general corporate purposes, with primary application thereof being made by the necessary expansion of the works of the system to meet the requirements of the new users thereof; such funds shall be placed (until they are used) into a fund which shall be known as the Waterworks and Sewer Expansion Connection Fund. The moneys to the credit of such fund may be invested from time to time by the Village Treasurer.