There shall be accounts kept by the city comptroller. Said accounts shall be denominated the "waterworks fund", and all receipts into the treasury, whether arising from the collection of water rates, the proceeds of the sale of water bonds, taxation, or from the sale of any property or material connected with the waterworks, shall be placed to the credit of said fund, and all expenditures authorized and all salaries and disbursements connected with the management and operation of the waterworks shall be paid out of said fund. (Ord. 89-O-1, 1-17-1989; amd. Ord. 03-O-38, 12-16-2003)