There shall be an account kept by the city treasurer, known as the waterworks fund. All monies received from the sale of waterworks bonds, from the collection of water rents, from taxation for waterworks purposes, from the sale of any property or material connected with the waterworks, from any appropriation made by the city council for the purpose of construction or extension of waterworks or from any source whatever connected with the management and operation of the waterworks system, shall be paid out of this fund. (Ord. 41)