The Water Fund shall be used to account for the receipt and expenditure of the gross revenues received or derived from the waterworks system of the City.
The Water Fund shall be used exclusively to finance, to the extent that moneys are available, the following in the order set forth:
A. The necessary and reasonable maintenance and operation costs of the waterworks system;
B. The principal of, and interest on, bonds issued for waterworks purposes;
C. Any payments specifically authorized or required by the City Council in any ordinance or resolution providing for the issuance of the bonds;
D. Amounts, as the City Council may direct, for the payment of the costs and extensions and improvements of, or additions to, the waterworks system or for any other waterworks purpose. (Ord. 1669 § 1 (part), 1970).