A. All fees and charges received and collected under authority of this chapter shall be deposited and credited to the water system fund. The accounts of said fund shall show all receipts and expenditures for the maintenance, operation, upkeep and repair of the water system and any payments into sinking funds as may be established for the purpose of:
1. Paying principal and interest on the water bonds of the city which shall from time to time be outstanding.
2. Water system capital improvement fund for future expansion, upgrading or reconstruction on the water system.
3. Administrative expenses that are incurred in the operation and administration of the water system.
4. Other special funds as may be established by the city.
B. As provided by law, when budgeted and appropriated, the funds and credits to the account of the water system fund shall be available for the payment of the requirements for the maintenance, operation, repairs and upkeep of the water system of the city, and for payment into the sinking fund established for the payment of the principal of and interest of the water bonds of the city which shall from time to time be outstanding. (Ord. 213, 9-11-1990, eff. 10-1-1990)