The funds received from the collection of the charges or rentals authorized by this chapter shall be deposited by the Director of Finance with the City Treasurer and shall be accounted for and be known as the “Sewer and Sanitation Fund,” and when appropriated by the City Council shall be available for the acquisition, extension, maintenance, improvement or operation of sanitary or sewerage facilities, or to repay principal and interest on bonds, if any, issued for the acquisition, extension, construction, reconstruction, maintenance, improvement or operation of such sanitary or sewerage facilities, or to pay any overhead, administrative or billing costs necessary for the collection of such charges.
(`83 Code, § 13.08.060)