The collection of charges and rentals authorized by this Chapter shall be deposited, paid out and applied only to the following purposes:
   A.   Operation And Maintenance Costs: The cost of operating and maintaining the water and sewer facilities as a part of the joint utility operation of the Village;
   B.   Extending System: For extending or improving the Village's joint water and sewer system;
   C.   Refunding and Paying Bonds: For the purposes of refunding and paying outstanding joint water and sewer bonds or loans of the Village incurred for utility system improvements and providing reserve funds therefor.
   D.   Bond Funds: To other purposes as the Board of Trustees may determine, the funds to be known and established as the Joint Water and Sewer Refunding and Improvement Bond Funds, but nothing contained in this Section shall be construed to prevent the Village Board of Trustees from applying and crediting available money derived from any other source. (1976 Code § 6-1-41; amd. Ord. 398, 4-12-2022)