(A) All revenues and monies derived from the operation of the waterworks system shall be deposited in the Water Account of the Water Fund. All revenues and monies shall be held by the Village Treasurer separate and apart from his or her private funds and separate and apart from all other funds of the village and all of the sum, without any deductions whatever, shall be delivered to the Village Treasurer not more than two days receipt of same or at more frequent intervals as from time to time be directed by the President and Board of Trustees. The Village Treasurer shall receive all revenues from the waterworks system and all other funds and monies incident to the operation of the system as the same may be delivered to him or her and deposit the same in the account of the fund designated as the Water Fund of the village. The Treasurer shall administer the Fund in every respect in the manner provided by state statute.
(B) All revenue and monies derived from connection fees and other fees shall be deposited in the Water Improvement Fund. The Fund shall be used solely for the improvement, extension or the betterment of the waterworks facilities.
(1981 Code, § 6.16)