(A) (1) All revenues and moneys derived from the operation of the water system shall be deposited in the Water Fund.
(2) All such revenues and moneys shall be held by the Treasurer separate and apart from his or her private funds and separate and apart from all other funds of the village and all of said sum, without any deductions whatever, shall be delivered to the Treasurer not more than ten days after receipt of the same, or at such more frequent intervals as may, from time to time, be directed by the Village Board.
(B) The Treasurer shall receive all such revenues from the water system and all other funds and moneys incident to the operation of such system as the same may be delivered to him or her and deposit the same in the account of the fund designated as the “Water Fund of the Village”.
(C) The Treasurer shall administer such fund in every respect in the manner provided by 65 ILCS.
(2007 Code, § 38-4-2)