The city treasurer shall receive all revenues from the combined waterworks and sewerage system, and all other funds and moneys incident to the operation of the system, as the same may be delivered to him. He shall deposit the funds in a separate fund designated as the "Waterworks and Sewerage Fund of the City of Palos Heights." The treasurer shall administer the fund in every respect in the manner provided by state law.
('69 Code, § 20-9)