All moneys received on any special assessment shall be held by the Village Treasurer as a special fund to be applied only to the payment of the improvement, or bonds and vouchers issued there for, together with interest thereon, for which the assessment was made, and said money shall be used for no other purpose, unless to reimburse the village for money expended for such improvement. Payments on bonds or vouchers shall be made in accordance with the statutes and the law, and the Treasurer shall keep his books and accounts in such a manner so that proper prorations in payments of principal and interest can be made and ascertained.
('70 Code, § 1.8.10)