The Village Treasurer shall keep all special assessment warrant books, publish for delinquent special assessments and send notices of such delinquencies to the County Collector, all as prescribed by statute. All monies received on any special assessment shall be held by the Village Treasurer in special funds, one for each assessment, to be applied only to the payment of the improvement, or bonds and vouchers issued therefor, together with interest thereon, for which the assessment was made. Such monies shall be used for no other purpose, unless to reimburse the village for money expended for such improvement. Payment on bonds or vouchers shall be made in accordance with applicable law, and the Village Treasurer shall keep books and accounts in such a manner that proper prorations in payments of principal and interest can be made and ascertained.