(A) All revenues derived from the operation of the waterworks and sewerage system shall be deposited into the accounts of the combined Waterworks and Sewerage Fund. All such revenues and monies shall be held by the Village Collector 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 whatsoever, shall be delivered to the Village 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 President and Board of Trustees.
(B) The Village Treasurer shall receive such revenues from the combined system and all other funds and monies incident to the operation of the system as the same may be delivered to her and deposit the same in a separate fund designated as the "Waterworks and Sewerage Fund" of the village. The Treasurer shall administer such fund in every respect in the manner provided by Article 62 of the Revised Cities and Villages Act and all laws amendatory thereof.
(C) The Village Treasurer shall establish a proper system of accounts and shall keep proper books, records, and accounts in which complete and correct entries shall be made of all transactions relative to the waterworks and sewerage system and shall maintain separate accounting of the receipts and expenditures of the Waterworks Department and Sewerage Department, and at regular annual intervals she shall cause to be made an audit by an independent auditing concern of the books to show the receipts and disbursements of the waterworks and sewerage system. All such books, accounts and records pertaining to said office shall at all reasonable times be open to the inspection of the President and Board of Trustees, to any member thereof, or to any holder of outstanding waterworks and sewerage revenue bonds.
(Ord. 89-12-B, passed 12-26-89)