All funds received from the collection of assessments, connection charges, and water use rates, shall be deposited by the City Treasurer or other designated person within seven days after the receipt thereof and kept by the designated person as a separate and distinct fund which shall be known as the Water Fund. These funds shall be used for the payment of all costs incurred by the City in connection with the construction, maintenance and operation of the Waterworks system within the City, and any excess received shall be used for retiring indebtedness incurred for the construction of such Waterworks system.
[Chapter 14, Article III § 14-316, added by Ord. No. 06-01, effective March 2, 2006]