A. It is hereby made the duty of the Village Clerk to render bills each monthly period for the users of water and other charges in connection therewith and the Clerk shall collect all monies due therefor.
B. All revenues and monies derived from the operation of the water system of the Village shall be held by the Village Clerk separate and apart from his private funds and separate and apart from all other funds that may come into his hands as Village Clerk, and all of such sums, without any deduction whatsoever, shall be delivered to the Village Treasurer not more than ten (10) days after receipt of the same or at such more frequent intervals as may from time to time be ordered and directed by the President and Board of Trustees.
C. The Village Treasurer shall receive all of such revenue from the water system and all other funds and monies incident to the operation of said system as the same may be delivered to him by the Village Clerk as provided in this section, and shall deposit the same in a separate bank account, and the same shall be accounted for as a separate fund which shall be designated as "Water Fund of the Village of Mt. Morris", and the Village Treasurer shall administer such fund in every respect in the manner and form provided by the provisions of the statutes of the State.
D. The Village Treasurer shall establish a proper system of accounts and shall keep proper books, records and accounts separate from all other books, records and accounts which he may be required to keep as such Village Treasurer, which such books, records and accounts shall show complete and correct entries of all transactions to the water system of the Village; and at regular intervals, the Village Treasurer shall cause to be made an audit by a recognized public auditor of such books, records and accounts which show the receipts and disbursements of the water system. (1979 Code § 7-4-7)