(A) The City Treasurer shall establish a proper system of accounts and shall keep proper books, records, and accounts in which complete and correct entries shall be made of all transactions relative of the wastewater facilities, and at regular annual intervals shall cause to be made an audit by an independent auditing concern of the books to show the receipts and disbursements of the wastewater facilities.
(B) The funds and monies deposited in the Sewer Operating and Maintenance Account of the city shall be paid out by the City Treasurer upon due authorization of the City Council for the following purposes only:
(1) Operation, maintenance, repair, and replacement of the existing wastewater facilities;
(2) Debt service;
(3) Bond Reserve Accounts;
(4) Depreciation Account;
(5) Equipment Replacement Fund; or
(6) Capital Improvement Fund to provide for future initial construction or rehabilitations to the wastewater treatment plant or collection system, generally considered as public benefit.