(A) All revenues and moneys derived from the operation of the water and sewer systems shall be deposited in the Combined Water and Sewage Fund. All such revenues and moneys shall be held by the Village Treasurer separate and apart from his or her private funds and separate and apart from all other funds of the village and all of the sum, without any deductions whatever, shall be delivered to the Village Treasurer not more than ten days after receipt of the same, or at such more frequent intervals as may, from time to time, be directed by the Village Board.
(B) The Village Treasurer shall receive all such revenues from the water and sewer systems and all other funds and moneys incident to the operation of such systems as the same may be delivered to him or her and deposit the same in the account of the fund designated as the Water and Sewage Fund of the village. The Treasurer shall administer the Fund in every respect in the manner provided by the ILCS Chapter 65.
(`92 Code, § 38-4-2)