(A) Revenues: All revenues and moneys derived from the operation of the water system shall be credited in the water account of the water fund. All such revenues and moneys shall be accounted for by the finance director separate and apart from private funds not more than ten (10) days after receipt of the same, or at such more frequent intervals as may from time to time be directed by the village board. The finance director shall receive all such revenues from the water system and all other funds and moneys and deposit the same in the appropriate account. The funds shall be administered in every respect in the manner provided by statute.
(B) Accounts: The finance director shall establish a proper system of accounts and keep proper records in which complete and accurate entries shall be made of all transactions relative to the water system, and at regular annual intervals the finance director shall cause to be made an audit by a certified public accountant to show the receipts and disbursements of the water system.
(C) Access To Records: The Illinois environmental protection agency (IEPA) or its authorized representative shall have access to any books, documents, papers and records of the village which are applicable to the water system for the purpose of making audit, examination, excerpts and transcriptions thereof to ensure compliance with the terms of the special and general conditions to any state grant. (Ord. 2004-3840, 6-7-2004; amd. Ord. 2020-4856, 1-20-2020)