There is hereby created a Sinking Fund to accumulate and hold all the proceeds to be derived from the sanitary sewer service charges levied and collected pursuant to this chapter, and such proceeds shall be remitted to and administered by the State Sinking Fund Commission as follows: proceeds shall be paid out on order of the Sanitary Board for such legal purposes as are incident to the acquisition, construction, enlargement, extension, replacement, improvement, operation, management, maintenance and repair of the sewage system of the city.
(Prior Code, § 915.16)