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All revenues and monies derived from the operation of the wastewater facilities of the city shall be deposited in the Sewage Operating and Maintenance Account. All the revenues and monies shall be held by the City Treasurer separate and apart from his or her private funds and separate and apart from all other funds of the city. The City Treasurer shall administer this fund in every respect in the manner provided by statute of the Revised Cities and Villages Act, being ILCS Ch. 65, Act 20, effective January 1942.