236.10 FUNDING OF REVENUES.
   (a)   The City Treasurer shall fund all money received from any source, subject to any change as directed by Council. The following funds are hereby fixed as the measure of all money received by the City Treasurer:
      (1)   The Street and Alley Fund
      (2)   The Water and Sewer Fund
      (3)   The Waterworks Bond Fund
      (4)   The Natural Gas Fund
      (5)   The City Hall Fund
      (6)   Such other funds as established from time to time by Council.
(Adopting Ordinance)
   (b)   The City Treasurer shall, as fast as money is received from the County Treasurer, fund it among the funds set forth in subsection (a) hereof in proportion to the ratio that the amount received by the City Treasurer bears to the amount appropriated and levied by Council for the current year for each of such funds. Nevertheless, money received in payment of bonds and interest thereon shall not be apportioned but shall remain intact in the Bond and Interest Fund. Moneys received from the City Collector for water service or for special assessment taxes collected by him or her or received from him or her for any purpose shall be kept separate and accounted for by the City Treasurer in the designated fund.
   (c)   The City Treasurer shall fund all moneys received from the City Collector for water service to the inhabitants of the City in the Water and Sewer Fund and shall pay out first the expense and maintenance of the waterworks system and next any outstanding water softener certificates and a charge upon the revenues obtained from the sale of water from the waterworks system. The balance of the money received from water collections shall be funded as directed by Council.
(1942 Code Chap. IV, Sec. 10)