A. Separate Fund: All revenues and money derived from the operation of the system shall be deposited in the waterworks and sewerage account. The City Council shall designate a collector for the combined waterworks and sewerage system of the City, and it shall be the duty of such collector to render bills for service and all other charges in connection therewith and to collect all monies due thereon. The collector shall be covered to the maximum amount on hand at any time by an approved corporate surety bond. All such revenues and monies shall be held by the City Collector separate and apart from his private funds and separate and apart from all other funds of the City and all of the sum, without any deductions whatever, shall be delivered to the City Treasurer not more than ten (10) days after receipt of the same, or at such more frequent intervals as may, from time to time, be directed by the City Council.
B. Administration Of Fund: The City Treasurer shall receive all such revenues from the system and all other funds and monies incident to the operation of such system as the same may be delivered to him and deposit the same in the account of the fund designated as the Waterworks and Sewerage Fund for the City. The City Treasurer shall administer such Fund in every respect in the manner provided by the statute of the State of Illinois, 65 Illinois Compiled Statutes 5/11-130-11. (Ord. 146, 1980)