(A) The Director of Finance shall collect all monies that shall become due to the city for water services, connection fees, payments for extensions, and all other costs, charges, penalties, and fees as provided herein and shall pay them into the city treasury and account for them in the same manner as the Director of Finance pays into the city treasury and accounts for all other sums received in his official capacity.
(B) All monies so collected shall be placed in a special fund to be known as the Water Fund and such money shall thereafter be expended for the administration, engineering, operation, maintenance and expansion, including the purchase of land and/or easements, of the city water system.
(`67 Code, § 4-6-4)