There is created in the office of the treasurer a fund which shall be known and described as the "water fund". Revenues shall be placed or deposited into said fund, as may from time to time be directed by the council, from which shall be paid into other funds of the city the revenues so placed, according to source, as directed by the council. (Ord. 1299 § 1, 2008: prior code § 1-23-1)