Receipts from the department shall be paid into the city treasury and maintained in a separate water fund. Appropriations from such fund shall be made for the following fund purposes, in the order named:
A. For the payment of all operating expenses.
B. For the pension charges and proportionate payments to such compensation and other insurance and accident reserve funds as the city council may establish.
C. For repairs and maintenance.
D. For depreciation.
E. For payment of interest and sinking funds on the bonds issued for acquisition, construction or extensions.
F. For extensions and improvements.
G. For the payment into the general fund of the city of any duly approved general tax on the water fund.
H. For a surplus fund.
I. For such other purposes as may be found necessary in connection with the furnishing of an adequate and suitable water supply for the city. (Ord. 2001-033 § 1)