A. Account Created: There is hereby created a water system account into which there shall be paid all revenues received or resulting from the operation of the Municipal waterworks and distribution system, and said revenues and receipts shall be kept separate and distinct from all other revenues received by the City, including ad valorem taxes, excepting such ad valorem taxes as may be specifically levied for the purpose of paying any deficiency in operating revenues necessary to pay indebtedness due on Water Department general obligation bonds.
B. Transfer Monies Into Account: The City Recorder and City Treasurer are hereby authorized and directed to transfer into said water system account and fund all monies that remain unexpended of the amount budgeted for the year, together with all collections in excess of the anticipated and budgeted amounts, as same may exist at the close of the calendar year.
C. Depositing Funds Into Account: From and after January 1, all revenues resulting from the operation of said water system shall be deposited in and credited to said water system account and all operating and maintenance costs.
D. Disbursements: No funds shall be disbursed from said water system account excepting such as may be authorized by the Common Council and for the purpose of paying the necessary operating expenses of said water system and for the payment of indebtedness due on Water Department general obligation bonds. (1962 Code § 2-1-25)