1052.03  ESTABLISHMENT OF WATER REVENUE FUND.
   The system shall be operated on a fiscal year basis.  All of the revenues shall be set aside as collected and shall be deposited into a separate fund and in an account in a bank to be designated by the Corporate Authorities, which fund is hereby established and designated as the Water Revenue Fund of the Village, which shall constitute a trust fund for the sole purpose of carrying out the covenants, terms and conditions of this chapter and which shall be used only in paying operation and maintenance costs, providing an adequate depreciation fund, paying the principal of and interest on all revenue bonds of the Village which by their terms are payable from the revenues derived from the system, and providing for the establishment of an expenditure from the respective accounts as hereinafter described.
(Ord. 1996-06.  Passed 4-22-96.)